July 13, 2020
Ready Capital Corporation completed two commercial real estate loan securitizations, totaling $609 million, in the second quarter. Proceeds were used to reduce the Midtown Manhattan-based company’s secured borrowings by about $430 million and generated approximately $60 million in cash.
The larger of the two deals was a $405-million collateralized loan obligation secured by 56 originated floating-rate transitional loans. Ready Capital also arranged a $204-million fixed-rate securitization of 228 acquired small balance loans.
“In the face of increased volatility and market instability, the closing of these securitizations is a testament to our focus on increasing liquidity and reducing mark-to-market liabilities,” said Thomas Capasse, Ready Capital’s chairman and CEO. “These transactions enhance our liquidity to further support our opportunistic growth initiatives in the current market environment.”
Pictured:Ready Capital headquarters, 1251 Ave. of the Americas.
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