Fixed Rate Lending

OVERVIEW

Ready Capital offers fixed rate permanent loans to $25 million for multifamily, office, retail mixed use, self-storage, industrial and select other property types. As a non-bank capital source, we bring speed to the commercial lending process and help borrowers capitalize on more opportunities.

Ready Capital is one of the few non-bank commercial mortgage lenders providing financing nationwide. We are driven by our vision to provide customers with an unparalleled experience in small-balance commercial real estate financing. We leverage our team’s expertise to deliver flexible commercial lending solutions, quick closings and exceptional customer service.

Check out our most recent transactions & client testimonials:

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$1,050,000
Purchase
Fixed rate
Retail
10 Year Term
Conyers, GA
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$3,322,500
Rate/Term Refinance
Fixed rate
Multifamily
10 Year Term
Lilburn, GA

“The way you solved challenges was a breath of fresh air. I have not seen a lender in six years that showed the willingness to explore all of the options available…this was the best performance we have had with a lender in a long, long time. Thanks again.”

- Warren
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$5,200,000
Cash-Out Refinance
Fixed rate
Office
10 Year Term
Glendale , CA
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$4,500,000
Cash-Out Refinance
Fixed rate
Retail
5 Year Term
Fairfax Station, VA
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$5,587,500
purchase
Fixed rate
Retail
10 Year Term
Tempe, AZ
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$3,400,000
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Bronx, NY
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$1,391,000
Purchase
Fixed rate
Multifamily
10 Year Term
Various, GA
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$2,400,000
Cash-Out Refinance
Fixed rate
Retail
10 Year Term
Riverdale, GA
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$2,625,000
Purchase
Fixed rate
Office
10 Year Term
Westerville, OH

“The Ready Capital team was responsive throughout the loan process and they performed to our expectation. Inquiries were handled promptly and professionally from beginning to end. We anticipate a long and mutually beneficial relationship with Ready Capital going forward.”

- Zaya
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$9,445,000
purchase
Fixed rate
Multifamily
5 Year Term
Midvale, UT
$1,387,500
purchase
Fixed rate
Mixed Use
10 Year Term
Chicago, IL
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$750,000
purchase
Fixed rate
Multifamily
10 Year Term
Lakewood, CO
$1,080,000
Cash-Out Refinance
Fixed rate
Multifamily
5 Year Term
Forest Park, GA
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$4,250,000
Cash-Out Refinance
Fixed rate
Office
10 Year Term
Glendale, CA
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$7,000,000
Cash-Out Refinance
Fixed rate
Self Storage
12 Year Term
Kent, WA
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$1,965,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Various, OH
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$4,500,000
Rate/Term Refinance
Fixed rate
Office
10 Year Term
Chesapeake, VA
$2,100,000
Cash-Out Refinance
Fixed rate
Mixed Use
5 Year Term
Los Angeles , CA
$1,750,000
Rate/Term Refinance
Fixed rate
Retail
10 Year Term
Coral Gables, FL
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$7,500,000
Purchase
Fixed rate
Multifamily
10 Year Term
Oklahoma City, OK
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$1,687,500
Rate/Term Refinance
Fixed rate
Retail
10 Year Term
Pflugerville, TX
$2,300,000
Cash-Out Refinance
Fixed rate
Retail
10 Year Term
Green Brook Twp, NJ
$3,925,000
Cash-Out Refinance
Fixed rate
Office
5 Year Term
Los Angeles, CA
$1,012,500
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Baltimore, MD
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$1,081,900
Purchase
Fixed rate
Retail
10 Year Term
Alpharetta, GA
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$1,350,000
Purchase
Fixed rate
Retail
10 Year Term
Clermont, FL
$2,452,500
Purchase
Fixed rate
Multifamily
10 Year Term
Springboro, OH
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$1,081,900
Purchase
Fixed rate
Retail
10 Year Term
Alpharetta, GA
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$1,260,000
Purchase
Fixed rate
Retail
10 Year Term
Grayson, GA
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$4,700,000
Cash-Out Refinance
Fixed rate
Multifamily
7 Year Term
Seattle, WA
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$10,000,000
Cash-Out Refinance
Fixed rate
Office
15 Year Term
Santa Monica, CA
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$3,200,000
Cash-Out Refinance
Fixed rate
Retail
10 Year Term
Santa Clarita, CA
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$3,080,000
Purchase
Fixed rate
Multifamily
3 Year Term
Fort Worth, TX
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$1,570,000
Purchase
Fixed rate
Multifamily
10 Year Term
Sellersburg, IN
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$3,500,000
Cash-Out Refinance
Fixed rate
Multifamily
5 Year Term
Seattle, WA
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$9,150,000
Rate/Term Refinance
Fixed rate
Mixed Use
10 Year Term
Surprise, AZ
CRITERIA

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

Fixed Rate
Property Types Primarily office, retail, multifamily, self-storage and industrial
Rates Competitive rates priced off of SWAPs
Loan Size $750,000 to $20,000,000 primarily
Loan Purpose Refinance, cash out & acquisition
Terms Loan terms for 2 years to 10 years
Can consider other terms on case-by-case basis
Leverage Up to 80% in select markets
Recourse Non-recourse with standard carveouts
Prepayment Flexible
Can offer yield maintenance, step-down and up to 20% UPB
Can be repaid on a rolling 12 month basis without prepayment penalty
Debt Service Coverage As low as 1.20x
Amortization Up to 30 year amortization
Interest only available
Origination Par
Ready Capital National Bridge Team Closes Approximately $120 Million Across 14 States
07/27/2018

NEW YORK, Dec. 13, 2018 (GLOBE NEWSWIRE) — Ready Capital National Bridge Originations Team announces the closing of acquisition, renovation, and cash out refinance loans for approximately $120 Million across 14 states.

The Denver, CO loan is for the acquisition and renovation of an approximately 167,000 SF, two-building, class B office portfolio located in the Uptown Office Submarket of Denver, CO.  The Property includes the Capitol Life Tower; a partially-occupied 12-story building and the Colorado Trust Building; a 100% occupied 2-story building. The Sponsor plans to execute new tenant leases, employ a common area improvement program, renovate the façade, and rebrand the property to reflect its historical significance. Ready Capital closed the $25.1MM, nonrecourse, interest only, floating rate loan that features a 36-month term with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, leasing costs, and interest reserves.

The ten-state, 17-property medical office portfolio is for a cash-out refinance loan of $31.5MM. The portfolio included approximately 172,000 SF of Class B medical office space across seventeen-properties, located nationwide with large concentrations in North Carolina, Illinois, Pennsylvania, and New Mexico. The portfolio is comprised of single-tenant properties and has a portfolio-wide occupancy of 83%. The Sponsor sought to refinance existing individual property level debt with more efficient, portfolio level debt, and recapture equity. Ready Capital closed the $31.5 MM, nonrecourse, fixed-rate loan that features a 120-month term with a 48-month interest-only period, flexible pre-payment, and is inclusive of a future funding facility for leasing costs.

The six-state, six property medical office portfolio, is for a cash-out refinance loan of $9.2MM. The portfolio included approximately 40,000 SF of Class B medical office space across six properties, located in Arizona, Ohio, North Carolina, Illinois, Colorado, and Minnesota. The portfolio is comprised of singletenant properties that are all fully-occupied. The Sponsor sought to refinance existing property level debt with more efficient, portfolio level debt, and recapture equity. Ready Capital closed the $9.2MM, nonrecourse, fixed-rate loan that features a 120-month term with a 30-month interest-only period, flexible pre-payment, and is inclusive of a future funding facility for leasing costs.

The first San Antonio, TX loan is for the acquisition, renovation, and stabilization of a 164-unit, multifamily property located in the Woodside Submarket of San Antonio, TX. The property was 88% occupied at closing.  The loan will be used to provide interior unit upgrades and exterior cosmetic improvements. Ready Capital closed the $12.8 MM, nonrecourse, interest only, floating rate loan that features a 36-month term, with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and working capital.

The second San Antonio, TX loan is for the acquisition, renovation, and stabilization of a 334 unit, multifamily property located in the Westside Submarket of San Antonio, TX. The sponsor plans to implement interior unit renovations and exterior improvements. Ready Capital closed the $16.4 MM, nonrecourse, interest only, floating rate loan that features a 36-month term, with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and working capital.

The Los Angeles, CA loan is for the refinance, renovation, and lease-up of an approximately 14,000 SF, vacant two-building mixed-use portfolio located in the Greater Downtown Submarket of Los Angeles, CA. The Sponsor’s business plan is to combine the adjacent two-story buildings and add a third floor to increase the property’s rentable square footage to 23,000 SF. Ready Capital closed the $8.2MM, nonrecourse, interest only, floating rate loan that features a 36-month term, with two 12-month 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 operating reserves.

The Chicago, IL loan is for the refinance, redevelopment, and lease-up of an approximately 200,000 SF, two-building office portfolio in Chicago, IL. The property is located in the South Chicago “Pilsen” Submarket of Chicago. The renovation plan is to perform a gut rehab including all new windows, roof, elevators, HVAC, and common area upgrades, along with other capital improvements at both buildings. Ready Capital closed the $33.3MM, nonrecourse, floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital reserves, leasing costs, and interest and carry reserves.

The Charlotte, NC loan is for the acquisition, renovation, and stabilization of an approximately 60,000 SF, mixed-use property located in the NoDa Submarket of Charlotte, NC. The property is strategically located at the Sugar Creek Lynx Station. The Sponsor plans to complete capital improvements and turn the existing warehouse into a pedestrian friendly office/retail center. The Sponsor is targeting creative office and retail tenants such as a fitness center, juice bar, brewery, and active entertainment. Ready Capital closed the $7.57MM, nonrecourse, interest only, floating rate loan that features a 36-month term with 2 12-month 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 operating reserves.

For more information, contact:
Managing Director – Chief Production Officer
David A. Cohen, dcohen@readycapital.com

About Ready Capital:
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations team offers non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 – $35 million and portfolios up to $100 million.

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.

Ready Capital National Bridge Team Closes Approximately $120 Million Across 14 States_FINAL

CAREERS

Interested in working with one of the fastest growing commercial mortgage REIT’s in the industry?

Ready Capital is always looking to add experienced and driven professionals to expand and grow with our company. We are continually searching for experienced professionals within the industry by offering a work environment thriving on collaboration and a corporate culture of employees who are passionate and excited about what they do.

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