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New York & Tri-State  + Midtown New York  + Finance  |  July 13, 2020
Paul Bubny
By: Paul Bubny

Ready Capital Completes $609M of Securitizations

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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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