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234-Unit Portfolio located in Bloomfield, North Bergen and Fort Lee, New Jersey Receives Total Loan Amount of $23,295,000 for Cash-Out Refinance
IRVING, TX--(Marketwired - Feb 2, 2016) - ReadyCap Commercial, a nationwide leader in small-balance commercial real estate mortgage lending, has funded a commercial real estate loan portfolio for $23,295,000 in northern New Jersey. The loans were originated by John Drennan in ReadyCap Commercial's Metro New York Office.
The properties are situated in highly desirable, prime locations in the cities of Bloomfield, North Bergen and Fort Lee, New Jersey. The properties have a total of 234 units and range in size from 16 to 41 units. Backed by an experienced ownership group, the loan request was a highly competitive assignment for well-maintained properties with top-tier market locations.
The loans for these properties, provided by ReadyCap Commercial, collectively represent one of the largest single-borrower portfolios closed under Freddie Mac's popular Small-Balance Loan offering.
"ReadyCap was competing against several banks and lending sources for this business. With the Freddie SBL program, we were able to offer a superior rate with flexible terms, including an interest only component and minimal closing costs," said John Drennan.
"The Freddie Mac SBL program is a great option for our small-balance multifamily borrowers nationwide," said Jim Going, CEO of ReadyCap Commercial. "ReadyCap appreciates the focus and discipline that Freddie Mac provides on each opportunity in which we work together. However, they exceeded all expectations on this portfolio."
For more information, contact VP of CRE Lending, John Drennan, at email@example.com.
About ReadyCapital Commercial
ReadyCap Commercial (www.readycapcommercial.com), headquartered in Irving, TX, is a non-bank, direct portfolio lender offering financing for small-balance commercial investment, multifamily, and bridge loan programs nationwide. ReadyCap and its affiliates have offices in Irvine, CA; Dallas, TX; Chicago, IL; Miami, FL; Denver, CO; Charlotte, NC; Austin, TX; Atlanta, GA; Washington, D.C.; and New York City, NY. Available financing ranges from $750,000 to $10 million. Founded in 2012, ReadyCap is a wholly owned indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation ("Sutherland"). Sutherland, a REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans, and to a lesser extent, asset-backed securities where the underlying pool of assets consists primarily of commercial real estate loans and other real estate-related investments. For more information, visit http://www.readycapcommercial.com or call 888-354-0822.