Description

Ready Capital Corporation functions as a nationwide real estate financial services firm. Its core business revolves around the origination, acquisition, management, and servicing of various real estate and business-related financial products. These include small to medium-sized commercial (SBC) loans, loans guaranteed by the Small Business Administration (SBA), residential mortgage loans, and mortgage-backed securities predominantly tied to SBC loans or other property investments. The company's operations are strategically organized into three distinct segments: SBC Lending and Acquisitions: This division, spearheaded by its subsidiary ReadyCap Commercial, LLC, focuses on generating SBC loans. These loans are typically secured by investment properties, whether fully established or in a transitional phase, and are sourced via a range of origination methods. Small Business Lending: Through its subsidiary ReadyCap Lending, LLC, this segment is responsible for the acquisition, origination, and servicing of owner-occupied loans. These loans are guaranteed by the SBA's Section 7(a) Program. Residential Mortgage Banking: Operating through GMFS, LLC, this segment specializes in originating residential mortgages. Ready Capital holds the designation of a real estate investment trust (REIT) for federal income tax purposes. This status typically exempts it from federal corporate income tax, provided it distributes a minimum of 90% of its taxable earnings to its shareholders. Established in 2007, the company, originally known as Sutherland Asset Management Corporation, adopted the name Ready Capital Corporation in September 2018. Its corporate headquarters are situated in New York, New York.