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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Ready Capital Announces Strong Q2 Results for Freddie Mac SBL & Small Bridge Business

June 28, 2021 GMT

NEW YORK, June 28, 2021 (GLOBE NEWSWIRE) -- Ready Capital announced growth in deal volume for its Freddie Mac Small Balance Loan (SBL) and small multifamily Bridge-to-Agency businesses in the second quarter of 2021, with an increase of more than 36% over the first quarter’s strong results. During the second quarter of 2021, Ready Capital closed 72 Freddie Mac SBL and small multifamily Bridge-to-Agency loans totaling $223 million in funding, with a firm pipeline going into the third quarter of approximately $130 million. The recent quarter’s result builds on the company’s success during the first quarter, during which Ready Capital, an Optigo lender, had closed 62 Freddie Mac SBL and small multifamily Bridge-to-Agency loans totaling $164 million in funding.

“The tailwinds of a strong market continued into Q2 with approximately $1.6 billion in funding across all of our commercial real estate lending products year-to-date,” said Anuj Gupta, President of Ready Capital Commercial. “Our success this quarter was once again attributable to the hard work of our origination, production, underwriting and closing teams as they delivered solutions for sponsors across a diverse range of deals.”

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In addition to announcing the volume of transactions, Ready Capital also highlighted the geographic diversification of the deals closed by its national lending team. During the second quarter of 2021, the company funded a significant volume of transactions in California, Texas, Illinois, and closed additional deals in 17 more states.

Premier Transactions Second Quarter 2021

Ready Capital closed $223 million during the second quarter of 2021, following a strong Q1 2021 where over $160 million was closed in Freddie Mac SBL and small multifamily Bridge-to-Agency loans. During the second quarter, Ready Capital closed ten portfolio deals totaling over $77 million.   Individual deals ranged in size from $1 million to $7.5 million with terms ranging from 1 years to 20 years. Average LTV for the Freddie Mac SBL loans was 63.35 across deals 72 deals.  

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Portfolio name Number of deals in portfolio Sum of balance (millions) Notes
Portfolio 1 5 $19.2 Cash Out Refinance
Partial IO, 10 year term
LA area
Portfolio 2 2 $10.5 Cash out Refinance
Amortizing, 10 year term
Chicago area
Portfolio 3 2 $9.3 Cash Out Refinance
Amortizing, 5 year term
Greater NYC
Portfolio 4 2

$7.7 Cash out refinance
Amortizing, 5 year term
Southern California
Portfolio 5 2 $7.6 Cash out refinance
Partial IO, 10 year term
Houston area
Large Balance Deals Balance (millions) Notes
Loan 1 $6.3 Cash out refinance
Partial IO, 7 year term
Dallas area
Loan 2 $5.9 Purchase
Amortizing, 5 year term
Small market Texas
Loan 3 $5.7 Cash out refinance
Amortizing, 10 year term
Chicago area
Loan 4 $5.3 Cash out refinance
Partial IO, 10 year term
LA metro area
Loan 5 $5.0 Cash out refinance
Amortizing, 5 year
New York City area
Small Multifamily
Bridge to Agency
Balance
(millions)
Notes
     
     
     
Loan 1 $7.3 Purchase
Full IO, 2 year term
New Jersey, Top Market
     
     
     
Loan 2 $4.9 Purchase
Full IO, 3 year term
South Carolina, Standard Market
     
     
     
Loan 3 $4.7 Cash out Refinance
Full IO, 1 year term
California, Top Market

About Ready Capital

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. The company lends on multi-housing and commercial real estate, delivering value-add bridge loans and fixed rate financings for stabilized assets. Ready Capital is a non-bank lender that has originated over $7 billion in commercial real estate loans nationwide. Ready Capital is an approved Freddie Mac Small Balance Loan (“SBL”) lender, an SBA Preferred Lender and provides residential mortgage lending through its wholly-owned subsidiary, GMFS Inc. Headquartered in New York, New York, the Company employs over 400 lending professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

Mario Favetta
Executive Director, Marketing
Ready Capital
200 Connell Drive, Suite 4000, Berkeley Heights, NJ 07922
(862) 444-1557
mario.favetta@readycapital.com