Ready Capital Closes in Excess of $725 Million in Bridge Financing During Third Quarter, More Than $2.2 Billion Year-to-Date

(Neutral)

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) announced over $725 million in closed bridge lending during the third quarter of 2021, contributing to a total of more than $2.2 billion year-to-date. The company closed over 50 bridge loans in Q3 and 80 loans totaling $1.5 billion in the first half of the year, showcasing strong performance. David A. Cohen highlighted the firm's commitment to creative loan structures and efficient processes. A full list of transactions is available on their website.

Positive

Closed over $725 million in bridge loans in Q3 2021.
Total lending exceeded $2.2 billion year-to-date.
Strong Q1 and Q2 performance with $1.5 billion from 80 loans.

Negative

None.

News Market Reaction – RC

-2.14%

-2.14% Session move

In the trading session that priced this news, RC declined 2.14%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

11/08/2021 - 08:30 AM

NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced more than $725 million in closed bridge lending for its National Bridge Lending Platform. During the third quarter, Ready Capital closed more than 50 bridge loans totaling in excess of $725 million, with more than $2.2 billion closed through the end of the quarter and a positive forward-looking pipeline for Q4. The recent quarter's results build on the company's success during the first half of the year, during which Ready Capital closed 80 bridge loans totaling approximately $1.5 billion in funding.

"Another quarter of extraordinary production validates our commitment to produce creative and unique loan structures to meet our clients' needs, whether for cash-flowing or non-cash-flowing transactions, with a proper capitalization of proceeds and capital stack for all asset types," said David A. Cohen, Managing Director and Co-Head of the National Bridge Lending platform at Ready Capital. "In addition, our efficient upfront due diligence and approval process provides our sponsors with the certainty that closing timelines will be met."

Ready Capital has posted the full list of transactions closed during the Third Quarter 2021.

About Ready Capital Corporation

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. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

Contact:
Media Relations
Ready Capital Corporation
PR@readycapital.com

View original content:https://www.prnewswire.com/news-releases/ready-capital-closes-in-excess-of-725-million-in-bridge-financing-during-third-quarter-more-than-2-2-billion-year-to-date-301417835.html