Ready Capital Launches Small Balance Construction and Residential Finance Products

Rhea-AI Summary

Ready Capital Corporation announces new financing products following a successful merger with Broadmark Realty Capital. The Small Balance Construction and Residential Finance program provides loans from $5 million to $20 million for multifamily, Build-to-Rent, and lot development projects. The program will focus on high-growth target markets in the Sun Belt, Midwest, and Pacific Northwest.

Positive

• Ready Capital introduces new financing products after merger with Broadmark Realty Capital.
• The Small Balance Construction and Residential Finance program offers loans from $5 million to $20 million for multifamily, Build-to-Rent, and lot development projects.
• The program will focus on high-growth target markets in the Sun Belt, Midwest, and Pacific Northwest.

Negative

• None.

NEW YORK, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans, today announced new financing products following a successful merger with Broadmark Realty Capital which brought niche construction lending strengths to this blended offering.

The Small Balance Construction and Residential Finance program provides loans from $5 million to $20 million and includes the following project types: Development and construction financing for multifamily, Build-to-Rent (BTR), and lot development for residential developers.

These new products complement the existing Construction Lending program which provides capital solutions for projects up to $75 million, collateralized primarily by multifamily and industrial projects.

“This offering is consistent with our strategy to provide clients with a suite of products for the full lifecycle of commercial real estate,” said Adam Zausmer, Chief Credit Officer at Ready Capital. “Our team is prudently structuring and underwriting transactions that provide portfolio diversification, and we expect projects financed today will be completed in 2-3 years during a favorable economic environment with strong residential demand.”

The Small Balance Construction and Residential Finance program will focus primarily on high-growth target markets in the Sun Belt, Midwest, and Pacific Northwest.

“The U.S. remains in a perpetual state of unmet housing demand that continues to drive the delivery of new residential units in a supply-constrained market,” said Alex Ovalle, Head of Construction Lending at Ready Capital. “The current lack of liquidity for construction projects in the market, provides us the unique opportunity to be selective, transacting with the most experienced sponsors.”

About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs more than 600 professionals nationwide.

Contact:
Ready Capital Media Relations
PR@readycapital.com

FAQ

What new financing products has Ready Capital announced?

Ready Capital has announced the Small Balance Construction and Residential Finance program.

What is the loan range for the program?

The program offers loans from $5 million to $20 million.

Which project types are covered by the program?

The program covers multifamily, Build-to-Rent, and lot development projects.

Which markets will the program focus on?

The program will focus on high-growth target markets in the Sun Belt, Midwest, and Pacific Northwest.