Q3 2019 Earnings Conference Call

November 07 2019 | 8:30 AM ET
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Press Release

Ready Capital National Bridge Team Closes Over $375 Million in 17 States

Company Release - 2/7/2020 10:11 AM ET

NEW YORK, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Ready Capital’s National Bridge Originations Team announces the closing of acquisition, refinance, renovation and redevelopment loans for over $375 million in 17 states between September 2019 and December 2019.

Maryvale Submarket of Phoenix, AZ
Acquisition, renovation, unit buyouts and stabilization of a 146-unit, Class B, fractured condominium property located in the Maryvale Submarket of Phoenix, AZ.


Winton Hills Submarket of Cincinnati, OH
Bridge-to-Agency refinance of a 148-unit, Class B, multifamily property located in Cincinnati, OH.


Greenway Plaza Submarket of Houston, TX
Acquisition and stabilization of a 219-unit, Class B, garden style multifamily property located in the Greenway Plaza Submarket of Houston, TX.


Linden Industrial Submarket of Rahway, NJ
Acquisition, renovation and stabilization of an approximately 270,000 SF, Class C, industrial warehouse property located Linden Submarket of Rahway, NJ.


Far North Central Submarket of Austin, TX
Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 20-unit, Class B, multifamily property located in the Far North Central Submarket of Austin, TX.


South Brazoria County Submarket of Lake Jackson, TX
Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 72-unit, Class B, multifamily property located in the South Brazoria County Submarket of Lake Jackson, TX.


Little River Submarket of Miami, FL
Refinancing and lease-up of an approximately 30,000 SF, Class B, retail neighborhood center in the Little River Corridor Submarket of Miami, FL.


Norristown and Perkasie, PA
Acquisition, renovation and lease-up of two Class B, industrial properties located in Norristown and Perkasie, PA.


Norristown and Perkasie, PA
Acquisition, renovation and lease-up of two Class B, industrial properties located in Norristown and Perkasie, PA.


Bear Creek/Copperfield Submarket of Houston, TX
Acquisition, renovation, and stabilization of a 161-unit, Class B, multifamily property located in the Bear Creek/Copperfield Submarket of Houston, TX.


Brentwood and Westwood Submarkets of Los Angeles, CA
Refinancing for the renovation and conversion of a 26-unit, Class B, three property multifamily portfolio to a 69-unit co-living portfolio located in the Brentwood and Westwood Submarkets of Los Angeles, CA.


Santa Ana, CA
Refinancing for the renovation and lease-up of an approximately 60,000 SF, Class B, retail neighborhood center in Santa Ana, CA.


Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights, MD
Acquisition, renovation, reflagging, and stabilization of a 182-key, limited-service, hotel located adjacent to the Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights, MD.


Edgewater Submarket of Chicago, IL
Acquisition, renovation, and stabilization of a 52-unit, Class B, mixed-use multifamily and retail property located within the Edgewater Submarket of Chicago, IL.


SOMA District of San Francisco, CA
Acquisition, renovation, and lease-up of an approximately 30,000 SF, Class B, office building in the SOMA District of San Francisco, CA.


Draper, UT
Acquisition, renovation, and lease-up of an 87,000 SF, Class B neighborhood center located in Draper, UT.


Far North Central Submarket of Austin, TX
Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 28-unit, Class C, multifamily property located in the Far North Central Submarket of Austin, TX.


Western San Fernando Valley Submarket of Northridge, CA
Acquisition, renovation and lease-up of an approximately 12,000 SF, Class B, retail strip center in Western San Fernando Valley Submarket of Northridge, CA.


Park Center Submarket of Tustin, CA
Refinancing for the stabilization of an approximately 43,000 SF, Class B, office property located in the Park Center Submarket of Tustin, CA.


University of Arizona Submarket of Tucson, AZ
Refinance, renovation, and lease-up of a 173-unit, Class B, student housing property servicing the University of Arizona Submarket of Tucson, AZ.


Glendale Submarket of Los Angeles, CA
Refinance of existing debt, acquisition of additional units, and stabilization of an approximately 59,000 SF, Class B, creative office portfolio located in the Glendale Submarket of Los Angeles, CA


Midtown Bryan Submarket of Bryan, TX
Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 60-unit, Class C, multifamily property located in Midtown Bryan Submarket of Bryan, TX.


Federal Way/Auburn Submarket of Seattle, WA
Recapitalization, renovation, and stabilization of an approximately 138,000 SF, Class B, industrial/flex portfolio located in the Federal Way/Auburn Submarket of Seattle, WA.


Lloyd District Submarket of Portland, OR
Recapitalization, renovation, and lease-up of a 28,000 SF, Class C (Class B as-complete) industrial and office portfolio located in the Lloyd District Submarket of Portland, OR.


Myrtle Beach, Columbia, and Simpsonville, SC
Refinance and stabilization of a 1,796-unit, Class A, three property, self-storage portfolio in Myrtle Beach, Columbia, and Simpsonville, SC.


Portsmouth County Submarket of Norfolk, VA
Acquisition, renovation, and lease-up of a 250-unit, Class B, multifamily property located in the Portsmouth County Submarket of Norfolk, VA.


Hollywood/Silver Lake Submarket of Los Angeles, CA
Acquisition, renovation and stabilization of an approximately 17,000 SF, Class B, retail/multifamily property located in the Hollywood/Silver Lake Submarket of Los Angeles, CA.


Hollywood/Silver Lake Submarket of Los Angeles, CA
Acquisition, renovation, and lease-up of a 20-unit, Class B, multifamily property located in the Hollywood/Silver Lake Submarket of Los Angeles, CA.


Westwood Submarket of Los Angeles, CA
Refinancing for the renovation and lease-up of a 10-unit multifamily property (to be converted to 34 co-living suites) located in the Westwood Submarket of Los Angeles, CA.


Greenpoint Submarket of Brooklyn, NY
Acquisition, renovation and stabilization of a 52-unit, Class B, multifamily property located in the Greenpoint Submarket of Brooklyn, NY.


University of Florida Submarket of Gainesville, FL
Refinancing for the stabilization of a 146-key, upscale, newly constructed, hotel located in the University of Florida Submarket of Gainesville, FL.


Broomfield County Submarket of Broomfield, CO
Refinancing for the lease-up of an approximately 140,000 SF, Class A, industrial property located in the Broomfield County Submarket of Broomfield, CO.


Westside Submarket of Santa Monica, CA
Acquisition, renovation, and stabilization of an approximately 20,000 SF, Class C (Class B as-complete), office property located in the Westside Submarket of Santa Monica, CA.


Miami Gardens Submarket of Miami, FL
Acquisition, renovation, and lease-up of an approximately 77,000 SF, Class B, office building in the Miami Gardens Submarket of Miami, FL.


Cumberland/Galleria Submarket of Atlanta, GA
Acquisition, renovation, and lease-up of an approximately 216,000 SF, Class A, office building in the Cumberland/Galleria Submarket of Atlanta, GA.


September 2019
The Phoenix, AZ, loan provided financing for the acquisition, renovation, unit buyouts and stabilization of a 146-unit, Class B, fractured condominium property located in the Maryvale Submarket. Ready Capital closed the $17.2 million, non-recourse, hybrid rate loan which is pari passu, part-fixed and part-floating rate. The loan features a 60-month term, flexible prepayment, and is inclusive of a facility to provide future funding for the capital expenditures and future unit purchases.

The Cincinnati, OH, loan provided the Bridge-to-Agency refinancing of a 148-unit, Class B, multifamily property located in the Winton Hills Submarket. The sponsor will use loan proceeds to retire existing debt, continue marking rents to market, and implement a utility billing system. Ready Capital closed the $4.5 million, non-recourse, floating-rate loan that features a 24-month term, one-extension option, and flexible prepayment. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.

The Houston, TX, loan provided financing for the acquisition and stabilization of a 219-unit, Class B, garden style multifamily property located in the Greenway Plaza Submarket. Upon acquisition, the sponsor will renovate units and achieve market rent premiums. Ready Capital closed the non-recourse, interest-only, fixed-rate loan that features a 60-month term and declining prepayment protection.

The Rahway, NJ, loan provided financing for the acquisition, renovation and stabilization of an approximately 270,000 SF, Class C, industrial warehouse property located in the Linden Industrial Submarket. Upon acquisition, the sponsor intends to implement capital expenditures for roof repairs, façade work, and deferred maintenance. Ready Capital closed the $15.8 million, non-recourse, hybrid rate loan which is pari passu, part-fixed and part-floating rate. The loan features a 60-month term, flexible prepayment, and is inclusive of a facility to provide future funding for the capital expenditures and tenant leasing costs.

The Austin, TX, loan provided Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 20-unit, Class B, multifamily property located in the Far North Central Submarket. Upon acquisition, the sponsor will complete capital expenditures, increase rents to market rates, and fully lease up the property. Ready Capital closed the $1.1 million, non-recourse, interest only, floating rate loan that features a 24-month term, one extension option, and flexible prepayment. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.

The Lake Jackson, TX, loan provided Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 72-unit, Class B, multifamily property located in the South Brazoria County Submarket. Upon acquisition, the sponsor will address deferred maintenance and upgrade existing units. Ready Capital closed the $4.8 million, non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.

October 2019
The Miami, FL, loan provided refinancing and lease-up of an approximately 30,000 SF, Class B, retail neighborhood center in the Little River Submarket. The sponsor will continue making cosmetic upgrades to the property and leasing up to market rents. Ready Capital closed the $7.1 million, non-recourse, fixed rate loan that features an 84-month term with declining prepayment protection and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

The Norristown and Perkasie, PA, loan provided financing for the acquisition, renovation and lease-up of two Class B, industrial properties. The two buildings account for approximately 220,000 SF. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. Ready Capital closed two separate, non-recourse, interest only, floating rate loans that feature 36-month terms, two-extension options, flexible prepayment, and are inclusive of facilities to provide future funding for capital expenditures, tenant leasing costs, and interest and operating shortfalls.

The Houston, TX, loan provided financing for the acquisition, renovation, and stabilization of a 161-unit, Class B, multifamily property located in the Bear Creek/Copperfield Submarket. The sponsor will purchase the property and subsequently perform minor improvements to the units and commons areas. An earnout will be made available upon the property achieving a pre-determined performance threshold. Additionally, the sponsor will apply for a tax abatement program which will significantly reduce property taxes. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two-extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.

The Santa Ana, CA, loan will refinance an existing Ready Capital Bridge Loan and will be used for the renovation and lease-up of an approximately 60,000 SF, Class B, retail neighborhood center. Upon loan closing, the sponsor will use loan proceeds to pay off existing debt while continuing to make cosmetic upgrades and leasing tenants at market rents. Ready Capital closed the $20.2 million, non-recourse, floating rate loan that features a 24-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

The Linthicum Heights, MD, loan provided financing for the acquisition, renovation, reflagging, and stabilization of a 182-key, limited-service hotel located adjacent to the Baltimore/Washington International Thurgood Marshall Airport. Upon acquisition, the sponsor will reflag the existing Rodeway Inn to a Wingate by Wyndham, which would “up-scale” the hotel from economy to mid-scale class. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue and occupancy. Ready Capital closed the $7.2 million, non-recourse, interest only, floating rate loan that features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for the property improvement plan.

The Los Angeles, CA, loan provided refinancing for the renovation and conversion of a 26-unit, Class B, three property multifamily portfolio to a 69-unit co-living portfolio located in the Brentwood and Westwood Submarkets. Four of the existing units will remain traditional multifamily. Upon acquisition, the sponsor will buyout existing multifamily tenants, implement a capex plan to convert units to co-living, and lease up each building. Ready Capital closed the $14.5 million, non-recourse, floating rate loan that features a 36-month term, two-extension options, flexible prepayment, and is inclusive of facilities to provide future funding for capital expenditures, tenant buyouts, and interest shortfall.

The Chicago, IL, loan provided financing for the acquisition, renovation, and stabilization of a 52-unit, Class B, mixed-use multifamily and retail property located within the Edgewater Submarket. Upon acquisition, the Sponsor will execute capital improvements to all units, upgrade common area amenities, and renovate the ground floor retail spaces. Ready Capital closed the $7.7 million, non-recourse, interest only, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfall.

The San Francisco, CA, loan provided financing for the acquisition, renovation, and lease-up of an approximately 30,000 SF, Class B, office building in the SOMA District. Upon acquisition, the sponsor will implement capital expenditures to convert the building to premier creative office/industrial hybrid space. Ready Capital closed the $14.5 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, leasing costs, and interest shortfalls.

The Draper, UT, loan provided financing for the acquisition, renovation, and lease-up of an 25,000 SF, Class B neighborhood center. The collateral consists of the in-line spaces of the center. The center is 63% occupied, but 98% leased due to a dark Whole Foods. Upon acquisition, the sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods. Ready Capital closed the $2.2 million, non-recourse, fixed-rate loan that features an 84-month term, 36-months interest only, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

November 2019
The Austin, TX, loan provided Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 28-unit, Class C, multifamily property located in the Far North Central Submarket. Upon acquisition, the sponsor anticipates completing capital expenditures, increasing rents to market rates, and leasing up the property. Ready Capital closed the $1.7 million, non-recourse, interest only, floating rate loan that features a 24-month term, one extension option, flexible prepayment. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan Program.

The Northridge, CA., loan provided financing for the acquisition, renovation and lease-up of an approximately 12,000 SF, Class B, retail strip center in the Western San Fernando Valley Submarket. Upon acquisition, the sponsor will implement capital expenditures to the façade and interiors and will convert a piece of the space into a modern food hall. Ready Capital closed the $4.6 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

The Tustin, CA, loan will provide for the stabilization of an approximately 43,000 SF, Class B, office property located in the Park Center Submarket. The sponsor will use loan proceeds to retire existing debt, while continuing their leasing efforts to stabilize the property at market rents. Ready Capital closed the $5.4 million non-recourse, floating-rate loan that features a 36-month term, flexible prepayment, and is inclusive a facility to provide future funding for tenant leasing costs.

The Tucson, AZ, loan provided financing for the refinance, renovation, and lease-up of a 173-unit, Class B, student housing property servicing the University of Arizona Submarket. Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year but are not yet occupied. Unit renovations are anticipated to be completed by month 24 of the Loan Term. Ready Capital closed the $6.0 million, non-recourse, floating rate loan which features a 36-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for the capital expenditures.

The Bryan, TX, loan provided Bridge-to-Agency financing for the acquisition, renovation, and stabilization of a 60-unit, Class C, multifamily property located in Midtown Bryan Submarket. Upon acquisition, the sponsor will fully upgrade 35 existing units and complete a partial rehab of the remaining 5 units. Ready Capital closed the $3.7 million, non-recourse, floating-rate loan that features a 24-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.

The Seattle, WA, loan provided financing for the recapitalization, renovation, and stabilization of an approximately 138,000 SF, Class B, industrial/flex portfolio located in the Federal Way/Auburn Submarket. The loan will provide proceeds for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. Ready Capital closed the $13.2 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and collateral release provisions.

The Los Angeles, CA, loan provided financing for the refinance of existing debt, acquisition of additional units, and stabilization of an approximately 59,000 SF, Class B, creative office portfolio located in the Glendale Submarket. The sponsor will use loan proceeds to pay off existing debt and acquire additional properties on the site. The portfolio is a collection of 12 industrial/flex type buildings that are currently being or will be redeveloped to creative office. Ready Capital closed the $23.0 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest/operating reserves.

The Portland, OR, loan provided financing for the recapitalization, renovation, and lease-up of a 28,000 SF, Class C (Class B as-complete) industrial and office portfolio located in the Lloyd District Submarket. The sponsor will use loan proceeds to recapitalize funds and to repurpose the older industrial buildings into a combination of creative office, a commercial kitchen, and industrial office space. Ready Capital closed the $7.7 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

The Myrtle Beach, Columbia, and Simpsonville, SC loan provided financing for the refinance and stabilization of a 1,796-unit, Class A, three property, self-storage portfolio. Upon closing, the sponsor will pay off their existing debt and lease-up the portfolio to market occupancy and rents. Ready Capital closed the $10.2 million, non-recourse, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for interest shortfalls.

The Norfolk, VA, loan provided financing for the acquisition, renovation, and lease-up of a 250-unit, Class B, multifamily property located in the Portsmouth County Submarket. Upon acquisition, the sponsor plans to address deferred maintenance and upgrade existing units. Ready Capital closed the $10.5 million, non-recourse, interest only, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures.

December 2019
The Los Angeles, CA, loan provided financing for the acquisition, renovation and stabilization of an approximately 17,000 SF, Class B, retail/multifamily property located in the Hollywood/Silver Lake Submarket. Upon acquisition, sponsor will renovate existing multifamily units with high-end interior finishes, renovate retail shops, and lease-up existing retail space at market rents. Ready Capital closed the $15.5 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.

The Los Angeles, CA, loan provided financing for the acquisition, renovation, and lease-up of a 20-unit, Class B, multifamily property located in the Hollywood/Silver Lake Submarket. Upon closing, the sponsor will convert a majority of the one-bedrooms units into two-bedroom units. The units will feature upgraded floors, appliances, cabinetry, amongst other interior improvements. Ready Capital closed the $6.0 million, non-recourse, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

The Los Angeles, CA, loan provided refinancing for the renovation and lease-up of a 10-unit multifamily property (to be converted to 34 co-living suites) located in the Westwood Submarket of Los Angeles, CA. Upon acquisition, the sponsor will implement capital expenditures to convert the traditional multifamily units to co-living and lease up the property. Ready Capital closed the $8.9 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible prepayment, and is inclusive of facilities to provide future funding for capital expenditures and interest and operating shortfalls.

The Brooklyn, NY, loan provided financing for the acquisition, renovation and stabilization of a 52-unit, Class B, multifamily property located in the Greenpoint Submarket. Upon acquisition, the sponsor will convert the existing multifamily property into a co-living property. Additionally, the sponsor will implement a capital expenditure and FF&E program to prepare the co-living units for occupancy, which includes fully furnishing each unit. Ready Capital closed the $24.6 million, non-recourse, interest-only, floating rate loan that features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.

The Gainesville, FL, loan provided refinancing for the stabilization of a 146-key, upscale, newly constructed, hotel located in the University of Florida Submarket. The loan will be used to refinance the construction loan as well as provide funds for the interest reserves needed to stabilize the newly built Hotel. Ready Capital closed the $16.4 million, non-recourse, interest only, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for interest shortfalls.

The Broomfield, CO, loan provided refinancing for the lease-up of an approximately 140,000 SF, Class A, industrial property located in the Broomfield County Submarket. The loan will be used to provide funds for capital expenditures and tenant leasing costs needed to lease up the property. Ready Capital closed the $14.0 million, non-recourse, interest only, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

The Santa Monica, CA, loan provided financing for the acquisition, renovation, and stabilization of an approximately 20,000 SF, Class C (Class B as-complete), office property located in the Westside Submarket. Upon acquisition, sponsor will convert the traditional office building into a mixed-use property with second floor office and ground floor retail and will subsequently lease up the space. Ready Capital closed the $18.5 million, non-recourse, floating rate loan that features a 36-month term, two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs, and interest and operating shortfalls.

The Miami, FL, loan provided financing for the acquisition, renovation, and lease-up of an approximately 77,000 SF, Class B, office building in the Miami Gardens Submarket. Upon acquisition, the sponsor intends to implement capital expenditures to remedy deferred maintenance, refresh the common areas, and lease up vacant suites. Ready Capital closed the $5.4 million, non-recourse, floating rate loan that features a 36-month term, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

The Atlanta, GA, loan provided financing for the acquisition, renovation, and lease-up of an approximately 216,000 SF, Class A, office building in the Cumberland/Galleria Submarket. Upon acquisition, the sponsor intends to make various upgrades to property including new elevators, conference rooms, and café. Ready Capital closed the $26.9 million, non-recourse, floating rate loan that features a 36-month term, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, leasing costs, and interest and operating shortfalls.


For more information, please contact:
David A. Cohen, david.cohen@readycapital.com
Managing Director – National Bridge Originations


About Ready Capital:

Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations team offers non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 - $45 million and larger for select assets and portfolios.

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


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https://www.globenewswire.com/NewsRoom/AttachmentNg/31b1b7bc-d77a-4ee2-9b9a-f3a4f1111dd3

https://www.globenewswire.com/NewsRoom/AttachmentNg/a96e0d78-779c-4b09-8eeb-b73aa7aa2642

https://www.globenewswire.com/NewsRoom/AttachmentNg/18e4ca6e-445c-440a-af9a-07bf54983d93

RC_logo_horizontal_CMYK (1).jpg

Source: Ready Capital