Hey guys-
I was wondering if anyone could shed some light on the bridge lender Ready Capital Structured Finance. I work for a seller/servicer in SBL lending and had a recruiter reach out to me about an underwriting role there. I was able to find some information on the types of deals they do (mostly value-add MF), but was wondering if anybody had insight on their culture? They are a subsidiary of Sutherland Asset Management and are just two years old, but seem to be growing rapidly.
Also, I am not particularly knowledgeable about the state of bridge lending. I know that there is lots of competition on the origination side, but is the outlook for this field generally positive?
Thanks for the help in advance.
They just quoted a the most competitive bid on a hotel ramp loan for us. They have competitive money in the bridge space and seem to deal mostly in the middle market. They work on all product types, not just multifamily. They are a subsidiary of Waterfall Asset Management, which is a major fund. I've only dealt with a few people but they all seem relatively down to earth.
Good to know- thanks for the input!
Worked for Ready Capital Lending, also owned by Sutherland Asset Management. Funny thing is Sutherland is owned by a PE company Waterfall Asset Management. Not that I'm going to be much help with what goes on at RCSF but I think any of the subsidiaries under SAM are a good place to be. The company is growing fast as hell and all the management that travels between all 4 subsidiaries are great people.
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We closed a deal with them a while ago. Don't know much about them internally, but they were relatively easy to work with. They play mostly in the lower to middle market space on bridge deal and work on most asset classes.
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Bump, bringing back an old thread. Any new updates/feedback on Ready Cap?It looks like they have 3 products- Freddie SBL- which seems to be all the rage these days, a fixed rate product which is advertised as a alternative to CMBS? does anybody have any idea how that works? Do they offer a long term fixed rate product but dont securitize it? And their last product is a vanilla bridge or mezz debt for transititional properties.
+1 Bump. Also I want to get an idea of pricing for both their fixed rate and their bridge. ie where does it fall in compared to banks and compared with other non-bank lenders? Are they aggressive on pricing, (as "an alternative to CMBS" would suggest) or is their target borrowers that can't get premium financing?
Also interested in learning how their fixed rate product works. I am at a bank doing CMBS originations. I do a lot of small balance CMBS loans and not many players compete in this space as you typically have higher loan amounts for CMBS. Ready Cap often competes with us on small balance cmbs loans, so curious if anybody here has any feedback.
Ready Cap securitizes these smaller balance fixed rate loans from their own shelf. Similar to what Lonestar was doing a few years ago.
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