Ready Capital Announces Closing of RCMF 2022-FL8, a Securitization of $1.135B in Bridge Loans

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Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced the closing of a $1.135 billion commercial mortgage collateralized loan obligation (“CRE CLO”) transaction.

Moody’s Investor Service, Inc. (“Moody’s”) and DBRS, Inc. (“DBRS”) assigned a “AAA” rating, to the senior most certificates, with DBRS providing ratings to the remaining classes of the transaction. 

The transaction, issued by Ready Capital Mortgage Financing 2022-FL8, LLC (“RCMF FL8”), represents the Company’s eighth CRE CLO since inception and largest CRE CLO to date, with the Company’s total CRE CLO issuance backed by approximately $4.4 billion of collateral UPB, combined. The transaction was met with demand from 27 unique investors and provides the company with non-recourse, non-mark to market, term financing.

RCMF 2022-FL8 consists of 67 RC-originated first-lien floating rate loans secured by 89 properties across the United States.  The portfolio includes mortgage loans primarily secured by multifamily (92.7%), and industrial (7.3%) properties across 21 states.

The CRE CLO was arranged by a bank syndicate including J.P. Morgan Securities LLC as sole structuring agent, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. as co-lead managers and Amherst Pierpont Securities LLC, Performance Trust Capital Partners LLC and Piper Sandler & Co as co-managers.

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