MCLEAN, VA–(Marketwired – May 11, 2015) – Freddie Mac ( OTCQB : FMCC ) and ReadyCap Commercial, LLC announced today that ReadyCap Commercial has funded its first loan under the Freddie Mac Small Balance Loan [PDF] initiative. The $1,120,000 loan is for a multifamily property in Dallas, Texas. The property is located in East Dallas among many of the newly constructed mid-rise properties going up just outside of the city’s central business district. The property owner recently made unit interior improvements/upgrades on a select number of units. The 80 percent loan-to-value financing was significant in that it involved cash-out to the owner, which will enable the continuation of unit renovations.
The loan was sourced through Steve Sieling of Azur Commercial Capital, LLC, based in Dallas. Azur is relatively new to the mortgage banking community, but its principals have been originating CRE loans since 1995. Sieling chose ReadyCap over several other groups due to their exceptional underwriting capabilities, as well as their speed in processing/closing loans.
John Cannon, senior vice president of Freddie Mac Multifamily, said, “We are excited that our Small Balance Loan initiative is gaining momentum in the marketplace and providing a strong financing option. We look forward to working with ReadyCap Commercial to close more small balance loans and bring long-term debt capital to this market segment.”
Freddie Mac launched its Small Balance Loan offering in October 2014 to purchase and securitize small property loans of $1 to $5 million and with at least five apartment units. ReadyCap Commercial is an approved Freddie Mac SBL Seller/Servicer.
About Freddie Mac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com , Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog .
About ReadyCap Commercial LLC
ReadyCap Commercial ( www.readycapcommercial.com ), headquartered in Orange County, CA, is a non-bank, direct portfolio lender offering financing for small-balance commercial real estate and multifamily properties nationwide, including Freddie Mac Small Balance Loans. ReadyCap and its affiliates have offices in Irvine, CA; Dallas, TX; Chicago, IL; Miami, FL; Denver, CO; Charlotte, NC; Washington DC and New York City, NY. Available financing ranges from $750,000 to $10 million. Founded in 2012, ReadyCap is a wholly owned indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation (“Sutherland”). Sutherland, a REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans, and to a lesser extent, asset-backed securities where the underlying pool of assets consists primarily of commercial real estate loans and other real estate-related investments. For more information, visit http://www.readycapcommercial.com or call 888-354-0822.