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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$5,587,500
purchase
Fixed rate
Retail
10 Year Term
Tempe, AZ

“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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$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

“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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$2,400,000
Purchase
Fixed rate
Office
10 Year Term
Dallas, TX
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$21,500,000
Rate/Term Finance
Fixed rate
Multifamily
3 Year Term
Peoria, 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 Structured Finance Closes Non-Recourse Loans for approximately $60 Million in California, Colorado, Virginia, North Carolina and Texas
07/27/2018

NEW YORK – May 24, 2018 – Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in California, Colorado, Virginia, North Carolina and Texas totaling approximately $60 million.

The Toluca Lake, California loan is for the acquisition, renovation, and stabilization of an approximately 75,000 square foot, 67 percent occupied, Class B, office property. The property is located within the Studio / Universal Cities submarket, within a half mile of Highways 101, 134 and major arterial roads such as Cahuenga and Lankershim Boulevard and 0.35 miles from the Universal City / Studio City Metrolink station which provides easy access to Hollywood and Downtown Los Angeles. In addition, the property is located within close proximity to NBC Universal. Ready Capital Structured Finance closed the $23.2 million non-recourse floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements to the building, and fund interest shortfalls during the renovation and lease up.

The Del Mar, California loan is for the acquisition, renovation, and stabilization of an approximately 40,000 square foot, Class B, office property. The property is located on Jimmy Durante Boulevard in coastal Del Mar between the Del Mar Heights office corridor and the Coast Beach Cities of North County. The Property is within 0.5 miles of the ocean, 0.5 miles from downtown Del Mar, 0.25 miles from the Del Mar Fairgrounds, and offers convenient access to all of San Diego via the Interstate 5 Freeway. Ready Capital Structured Finance closed the $16.7 million non-recourse floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements to the building, leasing costs, and interest shortfalls during the renovation and lease up.

The Denver, Colorado loan is for the acquisition, renovation, re-flagging, and stabilization of a 92-key hotel located at 7380 South Clinton Street, in the Inverness submarket. The four-story property is currently operating as a Holiday Inn Express, but the Sponsor has secured a new franchise agreement with InterContinental Hotels Group (IHG) to reflag the property to an improved EVEN Hotel. Ready Capital Structured Finance closed the $9.9 million, non-recourse, interest-only, floating rate 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 the property improvement plan, working capital and interest shortfalls during renovation and stabilization.

The Richmond, Virginia loan is for the acquisition, renovation, and stabilization of an approximately 40,000 square foot medical office property at 7301 Forest Avenue, located in the Glenside submarket. The single-story property is being purchased with below market occupancy and rents, with a business plan to increase rents and lease the property to market levels post-renovation. Ready Capital Structured Finance closed the $5.6 million, non-recourse, interest-only, floating rate loan that features a 36-month term with two extension options, 24 months minimum interest, and is inclusive of a facility to provide future funding for capital improvements, leasing costs, and interest shortfalls during the renovation and lease up.

The Mebane, North Carolina loan is for the acquisition and stabilization of a 478-unit, Class B self-storage property, centrally located between Burlington and Durham, North Carolina. The property is a newly delivered climate controlled facility that is in the lease up phase. Ready Capital Structured Finance closed the $4.1 million non-recourse floating rate loan that features a 24-month term, flexible pre-payment, and is inclusive of a facility to fund interest shortfalls during the lease up.

The Missouri City, Texas loan is for the acquisition, expansion, and stabilization of a currently occupied 434-unit Phase I, Class A, self-storage property and a to-be-built additional 541-unit Phase II on an adjacent parcel. Ready Capital Structured Finance closed the non-recourse fixed rate loan that features a 60-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for the construction of the Phase II building, and fund interest shortfalls during the construction and lease up.

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

About Ready Capital Structured Finance
Ready Capital Structured Finance (RCSF) 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. RCSF 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 – $50 million and portfolios greater than $50 million. RCSF 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.

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

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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