NEW YORK – May 8, 2015 – Sutherland Asset Management Corporation (“Sutherland”), a full-service real estate finance company managed by Waterfall Asset Management (“Waterfall”), today launched a focused bridge lending division, Ready Capital Structured Finance (“RCS”), as a division of a subsidiary of Sutherland. The newly formed division will strengthen Sutherland’s existing nationwide direct commercial lending platform by providing non-recourse, bridge and mezzanine CRE debt financing to its clients.
“The addition of this dedicated platform with a highly regarded team provides Sutherland with the ability to provide small- to mid-size balance commercial loans to finance real estate through its entire life-cycle, from development and rehabilitation through stabilization, with a wide range of financing products from senior to subordinate debt,” said Thomas Buttacavoli, Chief Investment Officer of Sutherland.
\”Ready Capital continues with its tradition of innovating within the commercial real estate lending space to create an array of products customized for today\’s commercial real estate investors and owners. The addition of this experienced team to our existing programs allows us to better serve our borrowers. The RCS team is based in New York where the structuring, credit, processing, closing and asset management teams will be co-located, providing clients with a high degree of synergy on transactions,\” said Jim Going, Chief Executive Officer of ReadyCap Commercial.
RCS will originate, manage and finance non-recourse floating and fixed rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Loan amounts will be up to $25 million, larger on a case-by-case basis, to middle-market and institutional commercial real estate sponsors. RCS will offer short-term, interest-only loans with advances up to 80 percent, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring solutions to accommodate borrowers\’ needs.
David Cohen and Dominick Scali have each joined RCS as Managing Directors, in the respective capacities of National Production Manager and Head of Credit, from Doral Property Finance, where they were instrumental in growing the national bridge lending platform. Cohen was most recently the National Production Manager at Doral Property Finance, prior to which he held positions as a Regional Director for GE Real Estate and a Managing Director at CIBC World Markets\’ Commercial Real Estate Finance Group. Scali was most recently a Director and Head of Underwriting at Doral Property Finance, prior to which he held positions at Anglo Irish Bank within the Commercial Real Estate Group, Citi and Citibank’s Affordable Housing division.
“Our non-recourse national bridge financing program was established in order to provide our clients with creative financing solutions by having the ability to understand and structure complex transactions to accommodate a sponsor\’s business plan,” says David Cohen. He further mentions that the RCS team will be providing subordinated debt and various financing product alternatives by working closely with the other divisions of the Sutherland lending platform. Dom Scali added, “Our core team of highly experienced professionals is able to underwrite and close deals in an expedited manner. We initiate credit and underwriting at the beginning of the loan process when evaluating opportunities, assuring our clients certainty of execution.”
Also joining RCS are Jordan Goforth and Casey Lewis, as Director of Originations and Vice President of Credit, respectively. Goforth was most recently an Assistant Vice President of Originations at Doral Property Finance, prior to which he held positions at Loews Corporation and Auction.com. Lewis was most recently an Associate within the underwriting team at Doral Property Finance, prior to which he held positions at Doral\’s recovery bank, Bootstrap Asset Management and Arbor Commercial Mortgage.
For more information, please contact [email protected].
About Ready Capital Structured Finance
Ready Capital Structured Finance (RCS), headquartered in New York City, is a nationwide CRE bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, RCS is a division of a subsidiary of Sutherland. Sutherland, a Commercial Mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.