NEW PROVIDENCE, N.J. , June 22, 2015 /PRNewswire/ — ReadyCap Lending, LLC, ( www.rclending.com ), a nationally recognized SBA lender, announced today that it has completed the securitization and sale of $114.8 million of non-guaranteed interests of U.S. Small Business Administration (SBA) small business loans. Standard and Poor’s assigned a “AAA (sf)” rating to ReadyCap Lending’s trust notes – the highest credit rating available from the organization. The notes are collateralized by the right to receive payments and other recoveries from the unguaranteed interests of SBA 7(a) loans held by ReadyCap Lending. “This is an important milestone for ReadyCap Lending: our first securitization, the largest of its kind to hit the market in some time, and the affirmation of the highest credit rating available,” said Jim Going , ReadyCap Lending’s Chief Executive Officer. “As a whole, it demonstrates the faith that the market has in our highly seasoned management team and the strength of our organization.”
According to S&P’s Pre Sale report, ReadyCap Lending Small Business Loan Trust 2015-1 , approximately 85% of the loans are more than five years’ seasoned. S&P commented, “We have observed that defaults typically increase the first year after origination and remain elevated for a few years before declining in the remaining years of the loan’s life.” Further, S&P noted, “the experience of ReadyCap Lending LLC’s management professionals, many of whom have more than 20 years of experience in the sector” contributed to the rating agency’s rationale for the assigned rating.
ReadyCap Lending, LLC, a subsidiary of Ready Cap Commercial, LLC, was formed in 2012 and holds one of 14 Small Business Lending Company (“SBLC”) licenses issued by the SBA. Headquartered in New Providence, NJ , the company currently services a small business loan portfolio of $1.3 billion and originates loans nationwide.
About ReadyCap Lending
ReadyCap Lending, LLC is a licensed Small Business Lending Company offering SBA 7(a) loans up to $5 million to small businesses throughout the United States . Based in New Providence, New Jersey , ReadyCap Lending is a wholly owned subsidiary of 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. ReadyCap Lending is actively hiring nationally to support growth associated with its offering of SBA 7(a) loans. For more information, visit http://www.RCLending.com , or call 888-354-0822.
SOURCE ReadyCap Lending, LLC