ReadyCap Commercial, LLC ( http://www.readycapcommercial.com ), a non-bank direct lender offering commercial real estate financing up to $10 million in major markets nationwide, has closed on a commercial real estate loan for $8,500,000 in Houston, TX. The funding was provided for Pine Terrace Apartment Community, a 416-unit multifamily property. The conventional multifamily financing is a non-recourse, cash-out refinance loan. Broker Darryl Dahlen from Global Solutions originated the loan for California Private Capital Group, the General Partner of the borrowing entity on the transaction, which has foreign national ownership. Dahlen has originated four loans with ReadyCap, totaling almost $16,000,000.
“I have nothing but my highest appreciation and a lot of respect to the ReadyCap team for all of the hard work that was done here. It wasn’t easy, but you made it happen for us, again,” said Yahav Dinai, the managing partner of California Private Capital Group, which syndicates and controls a portfolio of apartment communities and has closed multiple commercial real estate loans with ReadyCap Commercial.
ReadyCap funded the $8.5 million multifamily transaction and provided a streamlined closing. View the properties and highlights, along with other recent closings, on the Just Closed page at ReadyCapCommercial.com.
ReadyCap’s commercial financing solutions are a good match for creditworthy borrowers seeking speed and innovative terms, including non-recourse loans, earn-outs, hold-backs, and cash out. The small-balance commercial real estate lender is also a strong fit for borrowers who do not meet current bank or lender guidelines for various reasons. As a direct, non-bank lender, ReadyCap offers more flexibility and speed than traditional lending sources, while focusing on real estate fundamentals and considering the total picture of the borrower and transaction. To learn how ReadyCap is “Lending Differently” or discuss a loan scenario, visit http://www.readycapcommercial.com , or call 888-354-0822.
About ReadyCap Commercial, LLC
ReadyCap Commercial ( http://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.