IRVING, TX–(Marketwired – Jan 13, 2017) – ReadyCap Commercial, LLC, a leader in small-balance commercial real estate mortgage lending, has securitized $189 million of newly originated first-lien, conventional commercial real estate mortgage loans. Moody’s Investors Service, Inc. and Kroll Bond Rating Agency, Inc. assigned a “Aaa(sf)” and “AAA(sf)” rating, respectively to the senior most certificates of the approximately $162 million pool subset consisting of 61 fixed-rate assets including 42 whole mortgage loans and 19 senior participation interests in whole mortgage loans, each secured by first liens on 63 commercial and multifamily properties.
“ReadyCap is excited to execute our third small balance CMBS securitization of commercial real estate loans,” said Anuj Gupta, President of ReadyCap Commercial, LLC. “We continue to progress as a nationwide multi-product real estate loan provider to the small balance marketplace ranging primarily from $1 million to $10 million in loans. ReadyCap also continues to demonstrate that traditional real estate underwriting discipline can be applied to small loans with consistency and is aligned with investors through its retention of risk in all transactions.”
According to Moody’s Pre-Sale Report, approximately 36.8 percent of the pool balance is secured by properties that represent asset classes Moody’s considers among the least volatile. These sectors include multifamily (21.4 percent), industrial (8.3 percent), and anchored retail (7.1 percent). Furthermore, loans representing only 6.4 percent of the pool balance were secured by real estate located in small or tertiary markets, well below the Moody’s 2015 and 3rd Quarter 2016 small market conduit averages of approximately 21.4 percent and 19.0 percent, respectively.
KeyBank National Association is the Master and Special Servicer. Deutsche Bank Securities Inc., J.P. Morgan Securities, LLC and Performance Trust Capital Partners, LLC served as placement agents. The offered securities were placed with a broad array of investors.
About ReadyCap Commercial, LLC
ReadyCap Commercial, headquartered in Irving, Texas, is a non-bank, portfolio lender offering financing for small-balance conventional, multifamily and bridge loans nationwide. ReadyCap and its affiliates have offices in the Bay Area, California; Los Angeles, California; Orange County, California; San Diego, California; Denver, Colorado; Fairfield County, Connecticut; Washington, D.C.; Fort Lauderdale, Florida; Atlanta, Georgia; Central New Jersey; New York City, New York; Charlotte, North Carolina; Austin, Texas; Dallas, Texas; Salt Lake City, Utah. Available financing for conventional commercial real estate and multifamily loans ranges from $750,000 to $10 million. Bridge financing is available up to $25 million and is offered through Ready Capital Structured Finance, a wholly owned division of ReadyCap. Founded in 2012, ReadyCap is an indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation (“Sutherland”). Sutherland, a REIT, is a publicly-traded 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 (NYSE : SLD).