CMBS

OVERVIEW

Ready Capital’s CMBS lending program offers a fixed-rate mortgage execution strategy for commercial real estate investors seeking competitive pricing with loan structures tailored to the unique characteristics of their properties.

Ready Capital’s nationwide team of CMBS product specialists is committed to providing quick feedback on all loan submissions and focuses on obtaining upfront credit approvals to ensure speed and certainty of execution. Moreover, Ready Capital serves as the B piece investor and Directing Certificate Holder (DCH) for all of its CMBS originations, setting it apart from competing programs and allowing for a wide variety of creative credit solutions.

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$27,500,000
Refinance
CMBS
R.V. Park/Self Storage
10 Year Term
Multiple locations, TX
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$11,250,000
Refinance
CMBS
Industrial
10 Year Term
Los Angeles, CA
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$6,600,000
Refinance
CMBS
Retail
10 Year Term
Metro Detroit, MI
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$6,000,000
Refinance
CMBS
Industrial
10 Year Term
St. Louis, MO
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$2,800,000
Acquisition
CMBS
Multi-family
10 Year Term
Jacksonville, FL
CRITERIA

PRODUCT OVERVIEW

  • Loan size from $2MM up to $45MM (may consider larger sizes for select assets and portfolios)
  • Acquisition, refinance, and recapitalization
  • Terms 5, 7 and 10 years
  • Up to 80% LTV
  • Non-recourse with standard carve-outs
  • Yield maintenance or defeasance
  • Minimum Debt Service Coverage for Multifamily: 1.20x
  • Minimum Debt Service Coverage for Commercial: 1.30x
  • Minimum Debt Yield for Multifamily: 7%
  • Minimum Debt Yield for Commercial: 9% to 12%
  • Full term and partial interest-only considered on a case-by-case basis
  • Amortization 25-30 years
  • Origination fee at par
  • Single purpose entity required
  • TI/LC and Capital Expenditure reserves structured on a deal-by-deal basis
  • Springing or in-place lockbox/cash management
Ready Capital Corporation Announces Securitization of $652.5 Million in Bridge Loans
01/31/2022

CRE CLO Securitization is the Company’s Sixth Since Ready Capital’s Inception

 

NEW YORK, September 2, 2021, Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced the closing of a $652.5 million commercial mortgage collateralized loan obligation (“CRE CLO”) with the limited right to acquire all or part of $87.8 million in future funding participation interests.

Moody’s Investors Service, Inc. (“Moody’s”) and DBRS, Inc. (“DBRS Morningstar”) assigned a “Aaa(sf)” and “AAA(sf)” rating, respectively to the senior most certificates, with DBRS providing ratings to the remaining classes of the transaction. 

With the closing of this CRE CLO, Ready Capital Mortgage Financing 2021-FL6, LLC (“RCMF 2021-FL6“), the Company has issued six CRE CLOs backed by a combined $2.45 billion of collateral UPB.

RCMF 2021-FL6 consists of 52 RC-originated floating rate loans secured by 55 properties across the United States.  100% of the loan balance in the portfolio represents loans that were originated after the pandemic had been declared in 2020 and the portfolio includes mortgage loans primarily secured by multifamily, with the addition of mixed-use and retail properties across 20 states.

We have built on this year’s steady economic growth with a successful offering that now brings more than $1.5 billion closed across more than 70 loans through the first half of the year,said Adam Zausmer, Chief Credit Officer. “We are seeing continued momentum so far in the third quarter as our team continues producing diversified structured financing solutions to our clients.” 

The CRE CLO was arranged by a bank syndicate including J.P. Morgan as sole structuring agent and Credit Suisse and Deutsche Bank as co-lead managers with Piper Sandler as the co-manager.

 

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

 

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

Ready Capital Media Relations
PR@readycapital.com

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