Description

Ready Capital Corporation functions as a real estate finance enterprise within the United States. The company's primary business involves the acquisition, origination, management, servicing, and financing of diverse loan portfolios. These include small to medium balance commercial (SBC) loans, Small Business Administration (SBA) loans, and residential mortgage loans. It also handles mortgage-backed securities, primarily those collateralized by SBC loans or other real estate-centric investments. Its operations are organized into three principal divisions: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment, through its subsidiary ReadyCap Commercial, LLC, focuses on originating SBC loans. These are secured by either stable or transitional investor properties and are sourced via various origination channels. The Small Business Lending segment, facilitated by its subsidiary ReadyCap Lending, LLC, undertakes the acquisition, origination, and servicing of owner-occupied loans guaranteed by the SBA's Section 7(a) Program. Lastly, the Residential Mortgage Banking segment, operating through its subsidiary GMFS, LLC, is dedicated to originating residential mortgage products. For federal income tax purposes, the company holds the status of a real estate investment trust (REIT). Consequently, it is typically exempt from federal corporate income taxes, provided it distributes at least 90% of its taxable earnings to its shareholders. Founded in 2007, the entity was originally known as Sutherland Asset Management Corporation. It officially rebranded as Ready Capital Corporation in September 2018 and maintains its headquarters in New York, New York.