ReadyCap Commercial, LLC Closes $182MM Moody\’s Rated Securitization

October 21, 2014

Irvine, CA –ReadyCap Commercial, LLC (“ReadyCap”), a leader in small balance commercial real estate mortgage lending, today announced it has closed a $182 million securitization of newly originated first lien, conventional real estate mortgage loans. Moody’s rated the senior certificates ‘Aaa’, which are backed by 71 fixed and floating rate loans originated nationwide. “We are pleased to issue our first securitization, demonstrating our continued commitment to the small balance commercial real estate sector,” said ReadyCap’s CEO, Jim Going. “The small balance commercial market continues to be fragmented for investors and owners of small balance commercial real estate and these customers need a flexible, common-sense approach to financing.”
According to Moody’s Pre-Sale Report, approximately 64.8% of the pool balance is secured by properties which represent asset classes that Moody’s considers among the less volatile. These sectors include multifamily (36.7%), anchored retail (9.6%), industrial (16.4%), and self-storage (2.1%). The multifamily share of 37.3% is particularly strong as the sectors severity rates have outperformed other commercial sectors.
KeyBank National Association is the Master Servicer and Special Servicer. Deustche Bank Securities Inc. and J.P. Morgan Securities LLC served as placement agents.
About ReadyCap Commercial LLC
ReadyCap Commercial (www.readycapcommercial.com), headquartered in Orange County, CA, is a non-bank, direct portfolio lender offering financing for small-balance commercial investment, multifamily and bridge loan programs nationwide. ReadyCap and its affiliates have offices in Irvine, CA, Glendale, CA, Dallas, TX, Miami, FL, Denver, CO and New York City, NY. Available financing ranges from $500,000 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.