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 and 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
$900,000
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Greensboro, NC
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$3,325,000
Purchase
Fixed rate
Retail
10 Year Term
New Lenox, IL
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$3,400,000
Purchase
Fixed rate
Retail
10 Year Term
Lawrenceville, GA
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$2,065,000
Purchase
Fixed rate
Retail
10 Year Term
Kissimmee, FL
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$4,575,000
Purchase
Fixed rate
Retail
10 Year Term
Live Oak , TX
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$1,610,000
Rate/Term Refinance
Fixed rate
Retail
5 Year Term
Yuma, AZ
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$1,300,000
Purchase
Fixed rate
Retail
10 Year Term
Capitol Heights, MD
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$1,700,000
Cash-Out Refinance
Fixed rate
Industrial
10 Year Term
Pittsburg, CA
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$1,080,000
Cash-Out Refinance
Fixed rate
Mixed Use
10 Year Term
Clifton, NJ
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$1,400,000
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Paterson, NJ
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$15,000,000
Rate/Term Refinance
Fixed rate
Fixed Rate
10 Year Term
San Antonio, TX
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$2,650,000
Purchase
Fixed rate
Office
10 Year Term
Grand Prairie, TX
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$12,000,000
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Waxahachie, TX
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$2,000,000
Rate/Term Refinance
Fixed rate
Retail
5 Year Term
Evansville, IN
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$6,200,000
Purchase
Fixed rate
Retail
2 Year Term
Sacramento, CA
CRITERIA

PRODUCT OVERVIEW

  • $3MM – $25MM*
  • Flexible prepays including step-downs
  • Stabilized and near-stabilized properties
  • Custom structures
  • Major markets nationwide
  • Pricing starting in the 4%s
  • Acquisitions, refinance, recapitalization, cash out
  • 2 – 10 year terms (15 years on a case-by-case basis)
  • Up to 75% LTV
  • Minimum 1.25 DCR
  • Up to 30 year amortization for multi-family, 25 years for other asset types, IO on a case-by-case basis
  • Par to lender / YSP available
  • CMBS alternative
  • Non-recourse
  • Future funding, holdbacks and earn-outs
  • Light value add if cash flowing

*Lower and higher loan amounts considered on a case-by-case basis

CONTACT

Contact a Production Officer or a member of our production team for more information for your area or market. All of our Production Officers have the ability to lend nationwide. If you need further information, please contact cre@readycapital.com.

National Loan Originations Team:
Strategic Partnership Team:
National Bridge Originations Team:
Ready Capital National Bridge Team Closes Approximately $225 Million in 11 States in Final Quarter of 2020
07/27/2018

NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) — Ready Capital’s National Bridge Originations Team announces the closing of acquisition, refinance, renovation and redevelopment loans for approximately $225 million in 11 states between September 2020 and December 2020.

In October, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 260,000 SF, Class B, industrial property in the South Windsor submarket of the Hartford, CT MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include drywall partitioning, painting, sealing/striping of the parking lot, roof repairs, landscaping, and more. Ready Capital closed the $4.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In October, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 85,000 SF, Class B, office property in the Upland/Montclair submarket of the Los Angeles MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include new roofing, upgraded HVAC systems, build-out of rent-ready spec suites, and more. Ready Capital closed the $10.1MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

In November, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 50,000 SF, Class B, office property in the Alameda submarket of the Oakland/East Bay MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include interior demolition, exterior painting, HVAC replacement, landscaping, and more. Ready Capital closed the $14.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

In November, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 80-unit, Class C, multifamily property in the Paradise Valley submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include the installation of washers and dryers, vinyl flooring, LED lighting, upgraded appliances and countertops, and more. Ready Capital closed the $7.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

In November, Ready Capital closed the financing for the acquisition, repositioning, and lease-up of an approximately 45,000 SF, Class B, two-property, office/flex portfolio in the Central Boulder submarket of Boulder, CO. Upon acquisition, the sponsor will reposition the buildings from single-story flex/office to Class A creative office/life science space. The repositioned buildings will feature high ceilings, ample parking, and will meet Boulder’s new energy code and allow for new MEP systems for a healthy office building in a post COVID-19 era. Ready Capital closed the $13.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In November, Ready Capital closed the financing for the acquisition, build-out, and stabilization of an approximately 160,000 SF, Class B, pre-leased cold-storage facility in the suburban Salt Lake City community of Clearfield, UT. Upon acquisition, the sponsor will work with the pre-leased tenant to execute on the tenant improvement plan prior to occupancy. Improvements include roof repairs, refrigeration and other temperature-controlled build-outs, lighting upgrades, asphalt repairs, and more. Ready Capital closed the $8.5MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for tenant improvements and interest shortfalls.

In November, Ready Capital closed the financing for the acquisition, renovation, deconversion, and stabilization of a 176-unit, Class B, fractured condominium property in the Town N’ Country submarket of Tampa, FL. At close, the sponsor will acquire 110 of 176 units and buyout additional units. The sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include upgraded countertops, appliances, lighting, roof repairs, landscaping, amenity improvements, painting, and more. Ready Capital closed the $12.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and additional condominium unit buyouts.

In November, Ready Capital closed the refinancing for the renovation and lease-up of an approximately 45,000 SF, three-property, office portfolio in the West Los Angeles submarket of Los Angeles, CA. The loan proceeds will be used to reposition the buildings into a high-quality, creative office campus. Ready Capital closed the $25.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide additional funding for capital improvements, tenant leasing costs, and interest and carry shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an approximately 640,000 SF, Class A, industrial property in the 385 Corridor submarket of Memphis, TN. Upon acquisition, the sponsor will either blend-and-extend the existing single-tenant lease or bring the property to market upon the single-tenant’s lease expiration. Ready Capital closed the $18.9MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 280,000 SF, Class B, two-property, industrial portfolio in the Airport submarket of Memphis, TN. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the properties and subsequently lease-up the portfolio to market occupancy and at market rents. Improvements include upgraded lighting, roof replacements, parking lot repairs, and more. Ready Capital closed the $5.0MM, non-recourse, interest only, floating rate loan which features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 85-unit, Class C, two-property, multifamily portfolio in the Paradise Valley submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include the installation of washers and dryers, vinyl flooring, LED lighting, upgraded appliances and countertops, and more. Ready Capital closed the $8.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 320,000 SF, Class B, industrial property in the I-385 Corridor of Greenville, SC. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades, fresh paint, and more. Ready Capital closed the $9.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and operating shortfalls.

In December, Ready Capital closed the refinancing for the renovation and stabilization of an approximately 20,000 SF, four-property, mixed-use (multifamily/retail) portfolio in the Central Queens submarket of the New York, NY MSA. The loan proceeds will be used to retire existing debt and renovate the existing multifamily units. An earnout will be made available upon the property achieving a pre-determined performance threshold. Ready Capital closed the $9.5MM, non-recourse, interest only, floating rate loan which features a 24-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.

In December, Ready Capital closed the refinancing for the renovation and lease-up of an approximately 120,000 SF, Class A, office property in the Annapolis submarket of the Baltimore, MD MSA. The loan proceeds will be used to retire existing debt, execute a tenant improvement plan, and fund light capital improvements. Ready Capital closed the $19.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, repositioning, and lease-up of an approximately 24,000 SF, Class B, office/flex property in the Embarcadero submarket of Palo Alto, CA. Upon acquisition, the sponsor will reposition the property from single-story office/flex to a boutique life science office and subsequently lease-up the property to market occupancy and at market rents. The repositioned property will feature a new façade and common area, fresh paint, flooring, and more. Ready Capital closed the $15.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 210,000 SF, Class B, industrial property in the Airport District submarket of the Detroit, MI MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include interior and exterior painting, upgrades to lighting, flooring, and HVAC. Ready Capital closed the $6.4MM, non-recourse, interest only, floating rate loan which features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 330-unit, Class C (Class B as-complete), multifamily property in the Rochester Hills suburb of Detroit, MI. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include kitchen and bathroom renovations, flooring upgrades, as well as other common area and amenity upgrades. Ready Capital closed the $36.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

For more information, contact:
David A. Cohen, david.cohen@readycapital.com
Managing Director – National Bridge Originations

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 nonrecourse 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 – $45 million and larger for select assets and portfolios.

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.

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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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