Big Closer in Small Balance: John Drennan

Share on LinkedIn
Share on Facebook
Share on Twitter

Irving, Texas – December 1, 2016 – ReadyCap Commercial, LLC (“ReadyCap”), a national non-bank commercial real estate lender, today announced the recent funding of 7 loans totaling $19 million by John Drennan, VP CRE Lending. Three loans originated under the Freddie Mac SBL Program, a multifamily offering serving multifamily, affordable housing and mixed-use multifamily owners across the country. ReadyCap is one of the original Seller/Servicers with Freddie Mac’s program and continues to grow its pipeline and partners through precision and seamless execution.

What Keeps Brokers & Borrowers Coming Back? ReadyCap’s ability to lend with various products – Freddie Mac SBL or ReadyCap’s Core Products. Drennan also finds well located real estate, with a story, here are two examples:

  • $7.3 Conventional Multifamily Cash-Out Refinance (Michigan Portfolio)
  • Closed in less than 30 days (29 to be exact)
  • Well located, multi-family properties in good condition
  • Borrower needed a ‘bridge to perm’ – broker and borrower’s plan to exit RCC mini-perm loan into Freddie SBL loan when properties are ‘seasoned’ $6.3M Conventional Office Cash-Out Refinance (Greenwich, CT)
  • Bank said “No”, ReadyCap said “Yes”

Drennan Download:

  • With ReadyCap since 2013
  • Top Producer in 2015
  • 2016 Fundings to Date (mid-November)=  $100MM + o 2016 Freddie Mac SBL = ~$50M

NYC Metro
Email: John.Drennan@readycapcommercial.com
Mobile: 917-545-5125

About ReadyCap Commercial, LLC
ReadyCap Commercial, headquartered in Irving, Texas, is a nonbank, portfolio lender offering financing for small balance commercial investment, multifamily, bridge and SBA 7(a) loan programs nationwide. ReadyCap and its affiliates have offices in Orange County, California; Dallas, Texas; Charlotte, North Carolina; Austin, Texas; Atlanta, Georgia; Washington, D.C.; New Providence, New Jersey and New York City, New York. Available financing for conventional commercial real estate and multifamily loans ranges from $750,000 to $10 million. Bridge financing is available up to $25 million and is offered through Ready Capital Structured Finance, a wholly owned division of ReadyCap. Founded in 2012, ReadyCap is a wholly owned indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation (\”Sutherland\”). Sutherland, a REIT, is a publicly traded real estate finance company that acquires, originates, manages and finances commercial real estate loans, and to a lesser extent, asset-backed securities where the underlying pool of assets consists primarily of commercial real estate loans and other real estate-related investments (NYSE:SLD).

Share

Navigating commercial lending markets in unfamiliar times?

Sign up to receive insights you can use today.

Based on the latest research and thought leadership,
with focus on commercial real estate and business lending.

Related Content

Ready Capital logo with grey background
Ready Capital logo with grey background
Ready Capital logo with grey background