Loan Programs > Commercial Real Estate > Construction
Construction
Business owners and CRE sponsors, find out why Ready Capital is the right lender for your ground-up commercial construction financing.
Overview
We offer the latest and best multifamily construction loans, rates, and service. Loan amounts starting from $30-$75 million with Secured Overnight Financing Rate (SOFR) plus 600-750 to get your project up and running.
Construction for
Multifamily Properties
Ready Capital’s commercial construction loan program illustrates our leadership, credit experience, and financial resources. Major transactions totaled over $220 million in 2022 alone.
Loan Terms
| Loan Purpose | Ground-up; multifamily construction |
| Loan Amount | $30 – $75 million (larger amounts considered) |
| Loan Term |
Initial: 24-36 months Extension options: 12-24 months |
| Rate Type | SOFR + 600–750 interest cap required at closing |
| Fees |
Origination: 1% Exit: 1% Extension: 0.5% (6 months) 1.0% (12 months) |
| LTC | Up to 80% |
| Min. Exit DSCR/Debt Yield | 1.10x; 7.00% |
| Amoritization | None during initial term |
| Recourse | Non-recourse with standard carve-outs; Completion Guaranty; Interest & Carry Guaranty; Environmental Indemnity |
| Prepayment | Minimum interest; no lockout |
| Extensions | 6-month or 1-year extensions available |
| Takeout Financing | Bridge financing available upon project completion |
| Asset Management | Dedicated in-house management team |
Recent transactions
We consider the full range of value-add strategies and deliver structured finance solutions backed by experienced CRE lending professionals.
Nationwide lending at its best
We’re committed to locking in the short-term financing you need to build the best possible CRE portfolio. Our CRE Finance Team includes experts in construction lending who get the complexity and demanding timelines of CRE development projects.