Ready Capital Corporation today announced robust origination activity for its commercial real estate and small business lending platforms during the second quarter of 2022, supported by successful capital raising and securitization activity.Â
During the quarter, Ready Capital originated an aggregate $1.2 billion in commercial real estate and small business lending volume. Within commercial real estate, the Company’s Bridge lending platform led the way with $839 million originated, while volume was also strong for its Freddie Mac Small Balance Loan (SBL), Bridge-to-Small-Balance Agency and CMBS programs which generated $229 million during the quarter. In the Company’s small business lending segment, SBA 7(a) production totaled $129 million. This included $18 million of loans under $350,000 continuing rapid volume growth and increased efficiency through the implementation of front-end technology investments made in 2021. In addition to the foregoing, Ready Capital’s Red Stone subsidiary originated $153 million for the quarter. Red Stone provides acquisition, development and permanent financing for affordable housing in conjunction with taxable and tax-exempt bond financing.
The Company has simultaneously maintained its focus on the strength and liquidity of its capital base, enabling continued origination activity through the coming quarters. In June, the Company closed Ready Capital Mortgage Financing (RCMF) 2022-FL9, LLC, a $754.2 million CRE CLO. RCMF 2022-FL9 consists of 25 first-lien floating rate loans originated or acquired by the Company. The loans are secured by 75 properties comprised of multifamily (95.7%), self-storage (3.0%) and industrial (1.3%) across 13 states.
Click here to read the full press release: https://ir.readycapital.com/investor-relations/News/news-details/2022/Ready-Capital-Corporation-Announces-Growth-in-Origination-Activity-and-Expanded-Access-to-Capital/default.aspx
