NEW YORK, November 15, 2021 / PRNewswire / – Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced the pricing of a $ 927Loan obligation secured by commercial mortgage of 0.2 million (“CRE CLO“) transaction with the limited right to acquire all or part of $ 135.2 million in future financing participation interests.
Moody’s Investor Service, Inc. (“Moody’s”) and DBRS, Inc. (“DBRS”) have assigned a rating of “AAA” to most senior certificates, with DBRS providing ratings for the other categories of the transaction.
Upon closing, the transaction, issued by Ready Capital Mortgage Financing 2021-FL7, LLC (“RCMF FL7”), will represent the seventh CRE CLO since its inception and the largest CRE CLO to date, with the Company’s total CRE CLO program backed by a $ 3.39 billion UPB warranty. The transaction met significant demand from investors with approximately 45 unique accounts participating.
RCMF 2021-FL7 consists of 76 variable rate loans issued by RC guaranteed by 89 properties across the United States. The portfolio includes mortgages primarily secured by multi-family (91.7%) and industrial (4.4%) properties in 22 states.
“The closing of RCMF 2021-FL7 marks the latest in a series of milestones for Ready Capital in 2021,” said Tim geraghty, Head of Capital Markets. “We are very pleased with the execution and the welcome from investors and keen to continue developing our CRE lending platform.”
Waiting CRE CLO was organized by a banking syndicate comprising JP Morgan Securities LLC as sole structuring agent, Credit Suisse Securities (United States) LLC and Deutsche Bank Securities Inc. as co-lead managers and Amherst Pierpont Securities LLC and Piper sandler & Co as co-managers.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that creates, acquires, finances and manages small to mid-size commercial loans. Ready Capital specializes in back-to-back commercial real estate loans including agency multi-family, investor and bridge loans as well as SBA 7 (a) business loans. Based at New York, New York, Ready Capital employs more than 500 credit professionals nationwide. The company is managed and externally advised by Waterfall Asset Management, LLC.
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