Ready Capital (NYSE: RC) announced on Tuesday that it has bought three companies: Madison One Capital, M1 CUSO, and Madison One Lender Services. These companies specialize in creating and managing loans that are guaranteed by the government. Specifically, they focus on loan products that are backed by the United States Department of Agriculture (USDA) and the Small Business Administration (SBA).
Key Points:
- Acquisition Announcement: Ready Capital has officially acquired three companies.
- Companies Involved: The acquired companies are Madison One Capital, M1 CUSO, and Madison One Lender Services.
- Specialization: These companies are experts in originating (creating) and servicing (managing) loans.
- Government-Guaranteed Loans: The loans they deal with are guaranteed by the government, providing extra security and assurance.
- Focus Areas: The primary loan products are those guaranteed by the USDA and the SBA, which support agriculture and small businesses, respectively.
About Ready Capital
Ready Capital Corporation is a diversified real estate finance firm that engages in originating, purchasing, financing, and managing small to medium-sized commercial loans. It operates under the management of Waterfall Asset Management and offers a variety of lending solutions, including commercial real estate loans, multifamily agency loans, bridge loans, and loans under the U.S. Small Business Administration’s Section 7(a) program.
Key Achievements:
- Merger with Broadmark Realty Capital: Enhanced equity capital to roughly $2.8 billion through a merger with Broadmark.
- Bridge Program Success: Surpassed $10 billion in bridge loan originations since its inception in 2015.
- Acquisitions: Acquired multiple companies, including Mosaic Funds, Red Stone, Anworth Mortgage Asset Corporation, Knight Capital Funding, Owens Realty Mortgage, and ZAIS Financial Corp.
Management Firm:
- Waterfall Asset Management: A global alternative investment manager specializing in asset-backed credit and other financial assets, managing about $12.6 billion as of January 1, 2024.
Corporate Evolution:
- Name Change: Transitioned from Sutherland Asset Management to Ready Capital Corporation, with a new NYSE ticker symbol: RC.
Summary
