ReadyCap Funds $1.83 Million Mixed-Use Commercial Property in Philadelphia

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Unique Philadelphia commercial real estate property financed in 27 days with ReadyCap's mini-perm program

We closed in 27 days from the executed term sheet during a very hectic holiday season, which was a testament to the skill and professionalism of the combined closing team.

ReadyCap Commercial, LLC (http://www.readycapcommercial.com), a non-bank direct lender offering commercial real estate financing up to $10 million in major markets nationwide, has funded a commercial real estate loan for $1,830,000 in Philadelphia, Penn. The mini-perm financing was used to purchase a mixed-use commercial real estate property in Philadelphia. Igor Goldenberg, Managing Partner at Integra Real Estate Capital in New York, represented the borrower in the transaction.

“I would like to thank the ReadyCap team for providing a very competitive and extremely time-sensitive financing for our client to satisfy their 1031 Exchange," said Goldenberg. “We closed in 27 days from the executed term sheet during a very hectic holiday season, which was a testament to the skill and professionalism of the combined closing team.” Goldenberg credits ReadyCap’s loan officer, underwriter and processor-closer for their diligence and a seamless, smooth transaction. “I have been in this business since 2001, and I have never had a client rave so much about the experience and pleasure of working with this team.”

The subject property consists of two buildings, which together contain a total of 37,884 square feet of rentable area. The subject is a uniquely designed office property that caters to local, smaller tenants. Built in 2011, the property is approximately 90-percent occupied. ReadyCap Commercial provided non-recourse financing with a very flexible prepayment penalty, in addition to meeting the tight closing timeframe.

About ReadyCap Commercial LLC
ReadyCap Commercial (http://www.readycapcommercial.com), headquartered in Orange County, CA, is a non-bank, direct portfolio lender offering financing for small-balance commercial real estate and multifamily properties nationwide. ReadyCap and its affiliates have offices in Irvine, CA; Dallas, TX; Chicago, IL; Miami, FL; Denver, CO; Charlotte, NC; Washington DC and New York City, NY. Available financing ranges from $750,000 to $10 million. Founded in 2012, ReadyCap is a wholly owned indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation (“Sutherland”). Sutherland, a REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans, and to a lesser extent, asset-backed securities where the underlying pool of assets consists primarily of commercial real estate loans and other real estate-related investments. For more information, visit http://www.readycapcommercial.com or call 888-354-0822.

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