Ready Capital Announces Strong Freddie Mac Q2 Results

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NEW YORK, June 28, 2021 (GLOBE NEWSWIRE) – Ready Capital announced an increase in Freddie Mac Small Balance Loan (SBL) and Bridge-to-Agency small multi-family loan transactions in the second quarter of 2021, an increase of more than up 36% compared to strong first quarter results. During the second quarter of 2021, Ready Capital closed 72 Freddie Mac SBLs and Bridge-to-Agency small cross-family loans totaling $ 223 million, while a stable supply of approximately $ 130 million is expected in the third quarter. The latest quarter results are based on the company’s first-quarter performance, during which Ready Capital, a lender to Optigo, closed 62 Freddie Mac SBLs and Bridge-to-Agency small cross-family loans totaling $ 164 million in funding.

“The tailwind of the strong market continued into the second quarter, with nearly $ 1.6 billion committed to date on all of our commercial real estate lending products,” said Anuj Gupta, president of Ready Capital Commercial. “Our success this quarter was again due to the hard work of our design, production, underwriting and deal-making teams as they offered sponsors solutions for a variety of deals.”

In addition to announcing the volume of deals, Ready Capital also highlighted the geographic diversification of deals made by its national lending team. In 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 of 2021

Ready Capital closed $ 223 million in the second quarter of 2021 following a successful first quarter of 2021 with more than $ 160 million closed through Freddie Mac SBL and Bridge-to-Agency small cross-family loans. In the second quarter, Ready Capital closed ten portfolio deals totaling over $ 77 million. The size of individual transactions ranged from USD 1 million to USD 7.5 million for periods ranging from 1 to 20 years. Average LTV for Freddie Mac SBL loans was 63.35 across 72 deals.

Portfolio title Number of transactions in the portfolio Balance sheet amount (in millions) Notes
Portfolio 1 five US $ 19.2 Refinancing payment
Partial I / O, 10 years
Los Angeles area
Portfolio 2 2 US $ 10.5 Cash Out Refinancing
Depreciation, term 10 years
Chicago area
Portfolio 3 2 US $ 9.3 Refinancing payment
Depreciation, term 5 years
Greater New York
Portfolio 4 2 US $ 7.7 Cash out refinancing
Depreciation, term 5 years
Southern California
Portfolio 5 2 US $ 7.6 Cash out refinancing
Partial I / O, 10 years
Houston area
Large balance trades Balance (in millions) Notes
Loan 1 US $ 6.3 Cash out refinancing
Partial I / O, 7 years
Dallas
Loan 2 US $ 5.9 Purchase
Depreciation, term 5 years
Small Texas Market
Loan 3 US $ 5.7 Cash out refinancing
Depreciation, term 10 years
Chicago area
Loan 4 US $ 5.3 Cash out refinancing
Partial I / O, 10 years
Los Angeles metro area
Loan 5 US $ 5.0 Cash out refinancing
Depreciation, 5 years
Borough of new york
Small multi-family
Bridge to the agency
Balance
(millions)
Notes
Loan 1 US $ 7.3 Purchase
Full I / O, period of 2 years
New Jersey, the best market
Loan 2 US $ 4.9 Purchase
Full I / O, period of 3 years
South Carolina Standard Market
Loan 3 US $ 4.7 Cash Out Refinancing
Full I / O, 1 year period
California, Best Market

About Ready Capital

Ready Capital Corporation (NYSE: RC) is a multi-strategic real estate finance company that makes, purchases, finances and services small and medium-sized commercial loans. The company provides loans for apartment buildings and commercial real estate, providing bridging value added loans and fixed rate financing for stabilized assets. Ready Capital is a non-bank lender that has provided over $ 7 billion in commercial real estate loans nationwide. Ready Capital is an approved lender for Freddie Mac Small Balance Loan (SBL), SBA’s preferred lender and provides residential mortgages through its wholly owned subsidiary GMFS Inc. Headquartered in New York, NY, the company employs over 400 lenders. professionals across the country. The company is outsourced and advised by Waterfall Asset Management, LLC.

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

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