Ready Capital Exceeds $1 Billion in Affordable Multifamily Loan Closings During 2023

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NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today announced its Affordable Multifamily division, formerly known as Red Stone, hit record volumes of approximately $1.1 billion in 2023, up more than 25% year-over-year.

With a cumulative 43 transactions, the banner year helped facilitate the preservation and creation of almost 6,000 affordable apartment homes across the United States, driven by innovative financial products and services to the multifamily affordable housing industry.

“The speed and certainty of our underwriting, approvals, and closing process aided in the closing of many key transactions, coupled with ongoing stress in the marketplace that caused some lenders to pullback,” said Cody Langeness, Head of Affordable Multifamily at Ready Capital. “Looking ahead to 2024, lower interest rates could provide the fuel for development growth and foster further opportunity and activity.”

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In addition to an expected lower interest environment that should decrease capital markets stress, Ready Capital expects a significant production year in 2024 and an opportunity to continue to increase market share against both traditional and alternative lenders.

About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans. The Company specializes in loans backed by commercial real estate, including agency, multifamily, investor, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, the Company employs over 600 professionals nationwide.

Contact
Ready Capital Investor Relations
212-257-4666
[email protected]

Ready Capital Media Relations
[email protected]

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