Ready Capital Teams Up with Esusu to Help Multifamily Sponsors Bolster Credit Scores for Renters

Rhea-AI Summary

Ready Capital partners with Esusu to offer rent reporting services to borrowers and tenants, benefiting renters and property owners.

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• Ready Capital's partnership with Esusu allows them to offer rent reporting services to their borrowers and tenants. This helps renters establish and build their credit scores, with positive rental payment history having an immediate impact. Property owners benefit from incentivizing on-time payments, reducing tenant turnover, and lowering eviction rates. The partnership also provides access to financial literacy and credit education courses, as well as a rent relief program for residents at risk of missing payments.

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NEW YORK, July 12, 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 a partnership with Esusu, the leading financial technology company leveraging rent reporting for credit building to empower renters in the Ready Capital ecosystem.

The partnership allows Ready Capital to offer Esusu’s services to their borrowers and respective tenants, creating a positive outcome for renters and property owners. Esusu’s technology reports on-time rent payments to the major credit bureaus (Equifax, Experian and TransUnion), supporting renters as they establish and build their credit scores. Those with positive rental payment history could see immediate impact as a result of the platform’s automatic 24-month look-back feature. In addition, implementing Esusu’s rent reporting platform helps property owners, incentivizing on-time payments, reducing tenant turnover, and lowering eviction rates.

In addition to rent reporting, Ready Capital borrowers and their renters will have access to other financial literacy and credit education courses through the Esusu Renters Marketplace. The partnership would also allow residents the opportunity to access Esusu’s 0% rent relief program, which helps those at risk for missing a rental payment. Esusu will also provide Ready Capital with impact reports to track the outcomes generated in the communities Ready Capital operates in. 

“We are grateful for this opportunity to not only assist multi-family housing tenants to establish a credit score but also aid the sponsors by paying the first-year fee for Esusu’s valuable and innovative service,” stated Ready Capital Chief Operating Officer, Gary Taylor. “Through this partnership, we will continue to help those who are underserved build financial stability and are excited to support Esusu’s mission of positively impacting lives.”      

“We are honored to work alongside Ready Capital to help advance credit-building opportunities and create a transformational impact in the communities they serve,” said Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs of Esusu. “Esusu and Ready Capital share the mission of doing well by doing good. Through this partnership we will expand economic access to those traditionally excluded from the financial system, strengthening financial identities and supporting generational wealth building for years to come.”

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 over 600 professionals nationwide.

About Esusu
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 4 million rental units across all 50 states in the United States. Learn more at www.esusurent.com and follow us on Instagram @myesusu and on Twitter @getesusu.

Contact
Ready Capital Media Relations
PR@readycapital.com

SGPR on behalf of Esusu
esusu@smallgirlspr.com

FAQ

What is the partnership between Ready Capital and Esusu?

The partnership allows Ready Capital to offer Esusu's rent reporting services to their borrowers and tenants.

What are the benefits for renters in this partnership?

Renters can establish and build their credit scores through Esusu's rent reporting services.

How do property owners benefit from this partnership?

Property owners benefit from incentivizing on-time payments, reducing tenant turnover, and lowering eviction rates.

What other services are available through the partnership?

The partnership provides access to financial literacy and credit education courses, as well as a rent relief program for residents at risk of missing payments.

Who are the CEOs of Esusu?

The CEOs of Esusu are Samir Goel and Wemimo Abbey.