Ready Cap Loan Sales
Ready Cap went out with two Loan portfolios. Does anyone know if they ended up trading? If so, what kind of discount did they sell for?
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They just take offers in the last week or two so it's tough to say
What was the bidding range?
bump interest - they must be selecting bids by now.
Does anyone know the close date?
Are they selling off individual loans? If so is Newmark marketing. I heard they are selling everything but the kitchen sink and there have been massive layoffs.
I heard about the two large portfolios, which had been reported on.
Did you hear about the layoffs from a reliable source?
What other loans are they selling? Are their warehouse lines forcing the sales?
I know multiple people that were laid off last year. I know of two personally that got let go last month. They told me there were plenty of others. They bought Broadmark and took over $1B worth of poor performing bridge loans with majority in construction and land. Now they have to do fire sales to get out.
If I recall, Wells is the warehouse lender, and I am not sure if they are no longer funding the line
sounds bad
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