Multifamily

OVERVIEW

Ready Capital is an approved Freddie Mac SBL Seller/Servicer, providing small balance loans from $1 million up to $7.5 million with both fixed- and hybrid- rate structures. We provide capital for acquisition, refinancing and cash-out requests, and take pride in delivering quick closings backed by flexibility and common-sense underwriting.

Check out our most recent transactions & client testimonials:

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$3,981,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Austin, TX
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$2,300,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Tucson, AZ
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$2,800,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Woodland, CA

“The level of teamwork between the different departments is really superb. It’s nice to work with a lender where the synergy between the people who are involved in the loan work towards a common goal and where the flow of information internally enhances the loan process, not hinders it.”

- Darryl
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$3,331,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Austin, TX
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$1,400,000
Purchase
Freddie SBL
Multifamily
10 Year Term
Jupiter, FL
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$1,237,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Hamden, CT
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$4,837,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Killeen, TX

“Overall, I had a great experience working with everyone on the Ready Capital team and was very impressed. My loan officer was quick to respond to any questions and the closing team was very efficient, given a tight schedule. It was a smooth process and I would definitely choose to work with Ready Capital again in the future.”

- Susan
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$4,550,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Lithonia, GA
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$2,400,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Lexington, NC
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$1,200,000
Purchase
Freddie SBL
Multifamily
10 Year Term
Red Bank, TN
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$880,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Mooresville, NC

“It’s been a pleasure working with Ready Capital on this new opportunity, and I would like to express my highest appreciation and respect to everyone who worked diligently with us to get our deal to closure.”

- Yahav
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$1,423,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Phoenix, AZ
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$1,300,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Bradley Beach, NJ
$7,500,000
Cash-Out Refinance
Freddie SBL
Multifamily
7 Year Term
Attleboro, MA
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$2,400,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Charlotte, NC
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$1,700,000
Purchase
Freddie SBL
Multifamily
20 Year Term
Portland, OR
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$1,660,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Brookfield, IL
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$1,600,000
Purchase
Freddie SBL
Multifamily
10 Year Term
Minneapolis, MN
$1,180,000
Purchase
Freddie SBL
Multifamily
10 Year Term
Bridgeport, CT
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$1,570,000
Purchase
Fixed rate
Multifamily
10 Year Term
Sellersburg, IN
$3,500,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Seattle, WA
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$2,040,000
Rate/Term Refinance
Freddie SBL
Multifamily
10 Year Term
Henderson, NV
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$1,225,000
Cash-Out Refinance
Freddie SBL
Mixed Use
10 Year Term
Fort Lauderdale, FL
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$1,504,000
Rate/Term Refinance
Freddie SBL
Multifamily
20 Year Term
Downey, CA
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$1,176,000
Rate/Term Refinance
Freddie SBL
Multifamily
20 Year Term
Monroe, WA
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$1,580,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Cheshire, CT
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$1,500,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Tualatin, OR
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$1,100,000
Purchase
Freddie SBL
Multifamily
10 Year Term
Bridgeport , CT
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$1,800,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Pataskala, OH
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$1,981,000
Rate/Term Refinance
Freddie SBL
Multifamily
10 Year Term
Portland, OR
$3,420,000
purchase
Freddie SBL
Multifamily
10 Year Term
Hillside, IL
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$3,500,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Green Bay, WI
$2,500,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Indianapolis, IN
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$3,322,500
Rate/Term Refinance
Fixed rate
Multifamily
10 Year Term
Lilburn, GA
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$1,391,000
Purchase
Fixed rate
Multifamily
10 Year Term
Various, GA
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$2,150,000
Purchase
Bridge
Multifamily
2 Year Term
Athens, GA
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$2,677,000
Purchase
Bridge
Multifamily
2 Year Term
Fort Lauderdale, FL
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$2,625,000
Purchase
Freddie SBL
Multifamily
20 Year Term
Portland, OR
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$7,500,000
Purchase
Fixed rate
Multifamily
10 Year Term
Oklahoma City, OK
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$3,400,000
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Bronx, NY
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$3,500,000
Cash-Out Refinance
Fixed rate
Multifamily
5 Year Term
Seattle, WA
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$7,936,500
Rate/Term Refinance
Bridge
Multifamily
2 Year Term
Various, TX
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$1,965,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Various, OH
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$1,200,000
Purchase
Freddie SBL
Multifamily
10 Year Term
Bridgeport, CT
$1,080,000
Cash-Out Refinance
Fixed rate
Multifamily
5 Year Term
Forest Park, GA
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$8,900,000
Purchase
Bridge
Multifamily
2 years Year Term
Tampa, FL
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$12,760,000
Purchase
Bridge
Multifamily
3 Year Term
San Antonio , TX
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$16,360,000
Purchase
Bridge
Multifamily
3 Year Term
San Antonio , TX
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$8,800,000
Purchase
Bridge
Multifamily
3 Year Term
Largo, FL
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$21,500,000
Rate/Term Finance
Fixed rate
Multifamily
3 Year Term
Peoria, AZ
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$1,600,000
Cash out refinance
Freddie SBL
Multifamily
2 Year Term
Riverdale, CA
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$2,625,000
Purchase
Freddie SBL
Multifamily
7 Year Term
Phoenix, AZ
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$23,600,000
Cash out refinance
Freddie SBL
Multifamily
5 Year Term
Los Angeles, CA
$1,032,000
purchase
Freddie SBL
Multifamily
10 Year Term
Miami, FL
$1,517,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
New Orleans, LA
$1,575,000
Rate/Term Refinance
Freddie SBL
Multifamily
10 Year Term
Harrisonville, MO
$2,665,000
Cash-Out Refinance
Fixed rate
Multifamily
10 Year Term
Coral Gables, FL
$1,896,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Columbus, OH
$4,417,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Chicago, IL
$5,175,000
purchase
Freddie SBL
Multifamily
10 Year Term
Ozark, MO
Criteria

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

Freddie SBL
Property Types Multifamily with 5+ units
Short term bridge to Freddie also available
Rates Call for current rates
Loan Size $1mm to $7.5mm
Loan Purpose Purchase, refinance, cash out
Terms 5, 7, 10 year fixed
20 year hybrid ARM with initial 5, 7, 10 year fixed
Leverage 80% top and standard markets
70% small and very small markets (75% for acquisitions)
Recourse Non-recourse with standard carve our provisions required
Prepayment Step down prepay
Yield maintenance
Debt Service Coverage 1.20x top market
1.25x standard market
1.30x small market
1.40x very small market
Amortization Partial term interest only
Full term interest only may be available
Up to 30 years amortization
Origination Par
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

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