Bridge Financing

OVERVIEW

Ready Capital provides short-term, non-recourse bridge and mezzanine loans nationwide on transitional, value-add and event-driven commercial and multifamily real estate. We lend up to $35 million for middle-market and institutional commercial real estate sponsors, and larger on a case-by-case basis.

We provide floating and fixed rate terms to five years for multifamily, office, retail, industrial, mixed-use, self-storage, student housing, hospitality, residential and commercial condo, and specialty use properties. We consider the full range of value add strategies and deliver structured finance solutions backed by experienced bridge lending professionals.

Check out our most recent transactions & client testimonials:

$5,000,000
purchase
Bridge
Retail
2 Year Term
Los Angeles, CA
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$5,500,000
purchase
Bridge
Multifamily
3 Year Term
New York, NY
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$7,848,475
Rate/Term Refinance
Bridge
Office
3 Year Term
Chicago, IL
$1,520,361
Rate/Term Refinance
Bridge
Multifamily
2 Year Term
Philadelphia, PA
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$8,800,000
Purchase
Bridge
Multifamily
3 Year Term
Largo, FL
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$28,800,000
Rate/Term Finance
Bridge
Mixed Use
3 Year Term
New York, NY
CRITERIA

Ready Capital provides competitive programs to meet a wide range of borrower needs. Contact one of our loan professionals for more information.

Bridge Financing
Property Types Core: multifamily, office, retail, industrial, mixed-use
Non-core: self storage, student housing, hospitality, residential and commercial condo, and specialty use
Rates Call for current rates
Loan Size $2mm-$35mm
Loan Purpose Transitional, value-add and event driven
Terms Up to 5 years
Leverage Up to 80%
Structured solutions including higher leverage, mezzanine debt on case-by-case basis
Recourse Non-recourse except for bad-boy carveouts; further guarantees may be required on a case-by-case basis
Prepayment Freely pre-payable. Minimum interest may apply
Debt Service Coverage None. Partial or non-cash flowing
Amortization Interest Only: amortization structured on a case-by-case basis
Origination 1.00% origination fee / 0.50%+ exit fee / extension fees of 0.25%+
Ready Capital Structured Finance Closes Non-Recourse Loans for over $45 Million in Pennsylvania, Florida, California, Michigan and Texas
07/27/2018

NEW YORK – April 30, 2018 – Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Pennsylvania, Florida, California, Michigan and Texas totaling over $45 million. The Philadelphia, Pennsylvania loan is for the refinancing of existing construction loans with additional proceeds for the completion, lease-up, and stabilization of a three-property multifamily portfolio consisting of 120 units at 1522-1534 West Girard Avenue, located in the Fairmount and University City submarkets. Ready Capital Structured Finance closed the $17.84 million non-recourse interest-only loan that features a 24-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding to complete the construction, working capital, and interest reserves.

The Orlando, Florida loan is for the acquisition, renovation and stabilization of 101-keys of a 123-key, limited-service, condominium hotel property at 8200 Palm Parkway, located in the Lake Buena Vista submarket. The four-story property is located nearby both Disney World and Universal Studios and provides complimentary shuttle service to both locations. Ready Capital Structured Finance closed the $7.84 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for the hotel’s PIP and to fund the purchase of additional hotel room units.

The Los Angeles, California loan is for the acquisition, renovation and stabilization of a 27,925 square foot, 47-unit, Class-B multifamily property at 608 South Westlake Avenue, located in the Westlake submarket. The four-story property is located between Downtown Los Angeles and Koreatown, and is near the Westlake/MacArthur Park Metro Station which provides access to the Red and Purple lines. Ready Capital Structured Finance closed the $7.06 million non-recourse interest-only loan that features a 36-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, and interest reserves.

The Miami, Florida loan is for the acquisition, renovation and stabilization of two Class-B retail strip centers consisting of 32,142 square feet. The properties are located at 8200 Northeast 2 nd Avenue & 201 Northeast 82 nd Street, in the Little River submarket. The one-story properties are near the Miami Shores, Hialeah and Little Haiti neighborhoods and can be easily reached by Metrobus, Miami Metrorail, and I-95. Ready Capital Structured Finance closed the $6.37 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, leasing costs, and interest and carry reserves.

The Belleview, Michigan loan is for the acquisition, renovation and stabilization of a 124,584 square foot property at 41965 Ecorse Road, located in the Airport District submarket of Detroit. The single-story property is being purchased vacant and will be leased at market rents. Ready Capital Structured Finance closed the $5.83 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for working capital, leasing costs, interest and carry reserves, and an earnout.

The Dallas, Texas loan acquisition, renovation and stabilization of a 241,231 square foot property at 7301 Ambassador Row, located in the Stemmons Freeway submarket. The single-story property is located near I-35 and is within five miles of the Design District and Dallas Love Field Airport and 10 miles of DFW International Airport. Ready Capital Structured Finance closed the non-recourse interest-only loan that features a 48-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements, working capital, leasing costs, interest and operating expense reserves.

For more information, contact Managing Director, David A. Cohen, at dcohen@rclending.com.

About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, Ready Capital Structured Finance is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE “SLD”), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.

This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

CAREERS

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