Ready Capital Originates Over $800 million in Small Balance Multifamily Loans in 2021

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) announced that it was recognized as a top-five contributor to Freddie Mac's Optigo Small Balance Loan program, originating over $525 million in 2021. The company achieved a record total of more than $800 million in small balance multifamily transactions, surpassing its previous year's performance. This included over $270 million in Bridge-to-Small Balance Agency transactions, highlighting its focus on providing flexible financing solutions. Ready Capital continues to strengthen partnerships aimed at expanding affordable rental housing across the U.S.

Positive

• Recognized as a top-five contributor to the Optigo Small Balance Loan program.
• Originated over $800 million in small balance multifamily transactions in 2021, a record for the company.
• Successfully closed over $270 million in Bridge-to-Small Balance Agency transactions.

Negative

• None.

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital") today announced that it was recently named a top-five contributor to the Optigo Small Balance Loan program by Freddie Mac, originating in excess of $525 million in 2021. This recognition caps a year in which Ready Capital originated in aggregate over $800 million of small balance multifamily transactions collateralized by more than 260 properties, exceeding its previous record set in 2020. Ready Capital's strong production included over $270 million of Bridge-to-Small Balance Agency transactions. This unique small balance bridge product provides flexible solutions to investors of value-add multifamily properties nationwide. Ready Capital classifies multifamily loans up to $7.5 million as small balance loans. 

"Our partnership with Freddie Mac continues to prosper as we share the mission to expand affordable rental housing throughout the country," said Adam Zausmer, Chief Credit Officer at Ready Capital. "We attribute these successes to the strength of our firm's nationwide relationships, and our ability to deliver certainty of execution through our best-in-class network of loan officers and support teams."

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 balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

Contact:
Media Relations
Ready Capital Corporation
PR@readycapital.com 

View original content:https://www.prnewswire.com/news-releases/ready-capital-originates-over-800-million-in-small-balance-multifamily-loans-in-2021-301485107.html

SOURCE Ready Capital Corporation

FAQ

What is Ready Capital Corporation's stock symbol?

Ready Capital Corporation's stock symbol is RC.

What were the total small balance multifamily transactions for Ready Capital in 2021?

In 2021, Ready Capital originated over $800 million in small balance multifamily transactions.

How much did Ready Capital originate in the Optigo Small Balance Loan program?

Ready Capital originated in excess of $525 million in the Optigo Small Balance Loan program in 2021.

What is the significance of Ready Capital's recognition by Freddie Mac?

Being named a top-five contributor by Freddie Mac highlights Ready Capital's strong performance in the small balance loan market.