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:

image
$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

“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

“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
image
$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

“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
image
$8,800,000
Purchase
Bridge
Multifamily
3 Year Term
Largo, FL
image
$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.

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 Structured Finance Closes Non-Recourse Loans for over $45 Million in Pennsylvania, Florida, California, Michigan and Texas
07/27/2018

NEW YORK – April 30, 2018 – Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Pennsylvania, Florida, California, Michigan and Texas totaling over $45 million. The Philadelphia, Pennsylvania loan is for the refinancing of existing construction loans with additional proceeds for the completion, lease-up, and stabilization of a three-property multifamily portfolio consisting of 120 units at 1522-1534 West Girard Avenue, located in the Fairmount and University City submarkets. Ready Capital Structured Finance closed the $17.84 million non-recourse interest-only loan that features a 24-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding to complete the construction, working capital, and interest reserves.

The Orlando, Florida loan is for the acquisition, renovation and stabilization of 101-keys of a 123-key, limited-service, condominium hotel property at 8200 Palm Parkway, located in the Lake Buena Vista submarket. The four-story property is located nearby both Disney World and Universal Studios and provides complimentary shuttle service to both locations. Ready Capital Structured Finance closed the $7.84 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for the hotel’s PIP and to fund the purchase of additional hotel room units.

The Los Angeles, California loan is for the acquisition, renovation and stabilization of a 27,925 square foot, 47-unit, Class-B multifamily property at 608 South Westlake Avenue, located in the Westlake submarket. The four-story property is located between Downtown Los Angeles and Koreatown, and is near the Westlake/MacArthur Park Metro Station which provides access to the Red and Purple lines. Ready Capital Structured Finance closed the $7.06 million non-recourse interest-only 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 capital expenditures, working capital, and interest reserves.

The Miami, Florida loan is for the acquisition, renovation and stabilization of two Class-B retail strip centers consisting of 32,142 square feet. The properties are located at 8200 Northeast 2 nd Avenue & 201 Northeast 82 nd Street, in the Little River submarket. The one-story properties are near the Miami Shores, Hialeah and Little Haiti neighborhoods and can be easily reached by Metrobus, Miami Metrorail, and I-95. Ready Capital Structured Finance closed the $6.37 million non-recourse interest-only loan that features a 36-month term with two 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 carry reserves.

The Belleview, Michigan loan is for the acquisition, renovation and stabilization of a 124,584 square foot property at 41965 Ecorse Road, located in the Airport District submarket of Detroit. The single-story property is being purchased vacant and will be leased at market rents. Ready Capital Structured Finance closed the $5.83 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for working capital, leasing costs, interest and carry reserves, and an earnout.

The Dallas, Texas loan acquisition, renovation and stabilization of a 241,231 square foot property at 7301 Ambassador Row, located in the Stemmons Freeway submarket. The single-story property is located near I-35 and is within five miles of the Design District and Dallas Love Field Airport and 10 miles of DFW International Airport. Ready Capital Structured Finance closed the non-recourse interest-only loan that features a 48-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements, working capital, leasing costs, interest and operating expense reserves.

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

About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, 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. Led by a veteran team of industry professionals, Ready Capital Structured Finance 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. Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.

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.

Find out what job positions are open in your area.

SUBMIT A REQUEST

Connect with us and request a quote to see what product best fits your needs. A product representative will be in touch with you shortly.