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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$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
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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

“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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$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
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
EliSmith
Irving, TX

Eli brings over 15 years of commercial real estate lending experience and is responsible for sourcing loan opportunities across Ready Capital’s three lending platforms; Multifamily, Fixed Rate, and Bridge. Eli is a part of the Strategic Partnership team in the Dallas Office with a primary focus on growing and maintaining Freddie Mac Small Balance production relationships. Prior to joining Ready Capital, Eli was with Fannie Mae and prior to that originated Multifamily in Chicago for Chase Bank and Washington Mutual. Eli earned a Bachelor of Applied Arts and Science degree from University of North Texas.  

 

Specialties:
  • Multifamily
  • Bridge
  • Fixed rate
See most recent transactions & client testimonials:
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$7,500,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Denver, CO
image
$1,136,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Palm Beach Shores, FL
image
$1,525,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Roseville, MI
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$1,980,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Hallandale Beach, FL
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$1,000,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Lincoln Park, MI
$1,250,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Mentor, OH
$6,250,000
Cash-Out Refinance
Freddie SBL
Multifamily
7 Year Term
Colorado Springs, CO
$1,376,000
purchase
Freddie SBL
Multifamily
20 Year Term
Sheridan, CO
$1,640,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Villa Park, IL
$1,355,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Hillside, IL
$1,067,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Addison, IL
$956,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Coral Gables, FL
$1,150,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Chicago, IL
$2,809,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Golden, CO
$738,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Miami Beach, FL
$684,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
Miami Beach, FL
$4,675,000
purchase
Freddie SBL
Multifamily
10 Year Term
San Angelo, TX
$1,680,000
purchase
Freddie SBL
Multifamily
20 Year Term
Denver, CO
$1,680,000
purchase
Freddie SBL
Multifamily
20 Year Term
Denver, CO
$1,534,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Big Lake, MN
$3,668,000
Cash-Out Refinance
Freddie SBL
Multifamily
5 Year Term
Coral Gables, FL
$1,600,000
Rate/Term Refinance
Freddie SBL
Multifamily
7 Year Term
Chicago, IL
$2,000,000
Cash-Out Refinance
Freddie SBL
Multifamily
20 Year Term
Colorado Springs, CO
$3,126,000
Cash-Out Refinance
Freddie SBL
Multifamily
10 Year Term
New Orleans, LA
NEWS
  • 2018
  • 2017
  • 2016
Ready Capital Announces Merger with Owens Realty Mortgage - 11/08/2018
READY CAPITAL ANNOUNCES MERGER WITH OWENS REALTY MORTGAGE   Approximately $200M of Additional Capital Raised to Support Targeted Growth in Small Balance Commercial Assets  Combined Company Will Enhance Shareholder Liquidity Transaction Expected to be Accretive to Earnings in 2019  Transaction Expect ...
Sutherland Asset Management Corporation Announces Name Change To Ready Capital Corporation - 10/01/2018
NEW YORK, Sept. 24, 2018 /PRNewswire/ -- Sutherland Asset Management Corporation (NYSE: SLD) announced that, effective 12:01 a.m. Eastern Time on September 26, 2018, it will change its name to "Ready Capital Corporation". "The Ready Capital brand represents part of our larger strategy to improve sha ...
ReadyCap Commercial Surpasses $3 Billion Funded Milestone - 08/14/2018
IRVING, TEXAS – August 14, 2018 – In July 2018, ReadyCap Commercial, LLC (ReadyCap), a leader in small to middle-market commercial real estate mortgage finance, announced it surpassed  $3 billion in funded  loans across its menu of products in just five years. Founded in 2012 and headquartered in Ir ...
Ready Capital Structured Finance Closes Non-Recourse Loans for approximately $70 Million in Washi... - 07/31/2018
NEW YORK – July 31, 2018 – Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Washington, Tennessee, North Carolina, Florida, New Jersey, Illinois, New York and California totaling approximately $70 millio ...
Ready Capital Structured Finance Closes Non-Recourse Loans for approximately $60 Million in Calif... - 05/24/2018
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 ...
Ready Capital Structured Finance Closes Non-Recourse Loans for over $45 Million in Pennsylvania,... - 04/30/2018
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 th ...
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CAREERS

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