ReadyCap Commercial closed the loan in less than 30 days.
Irvine, CA (PRWEB) March 10, 2015
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 closed on a commercial real estate loan for $2,790,000 in San Antonio, Texas. BMC Capital in Austin arranged the refinancing loan for a multifamily property.
The subject property is a 178-unit multifamily apartment building located in San Antonio. The property was built in 1974 and was a C-class asset. The investor bridge loan is a cash-out refinance structured with hold-backs and a three-year fixed rate, with interest-only payments throughout the term. ReadyCap Commercial closed the 60-percent loan-to-value financing in less than 30 days.
View this property and more recent closings on the Just Closed page at http://www.readycapcommercial.com.
ReadyCap’s commercial financing solutions are a good match for creditworthy borrowers seeking speed and innovative terms, including non-recourse loans, earn-outs, hold-backs, and cash out. The small-balance commercial real estate lender is also a strong fit for borrowers who do not meet current bank or lender guidelines for various reasons. As a direct, non-bank lender, ReadyCap offers more flexibility and speed than traditional lending sources, while focusing on real estate fundamentals and considering the total picture of the borrower and transaction. To learn how ReadyCap is “Lending Differently” or discuss a loan scenario, visit http://www.readycapcommercial.com, or call 888-354-0822.
About BMC Capital
BMC Capital is recognized as a leader in commercial real estate financing from $500,000 to $15 million. BMC Capital's services include origination of commercial mortgage loans, bridge lending, mezzanine lending, construction lending, loan assumptions and loan servicing. BMC services its clients through a network of nationwide offices. Founded in 1991, the firm has financed billions of dollars of transactions for thousands of customers.
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, including Freddie Mac Small Balance Loans. 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.