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Stock impact report

Ready Capital Corporation Completes $431 Million Securitization of Small Balance Commercial Loans

Ready Capital Corproation (RC) 
Last ready capital corproation earnings: 3/11 04:39 pm Check Earnings Report
Company Research Source: PR Newswire
NEW YORK, Nov. 18, 2019 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it closed its sixth and largest securitization of originated fixed rate small balance commercial loans (the "Securitization"). An aggregate of $380 million of investment grade-rated notes were issued and sold to third-party investors (the "Notes"). The Notes have a weighted average fixed coupon of 3.2%. Ready Capital retained subordinated interests of $51 million.The offering of the Notes was made pursuant to a private placement. The Notes are secured by a $431 million portfolio of first lien, fixed rate loans collateralized by small balance commercial properties.   Ready Capital intends to own the portfolio of small balance commercial loans through the vehicle until its maturity and expects to account for the Securitization on its balance sheet as a financing. Ready Capital will use the proceeds of this Securitization to repay borrowings under its curre Show less Read more
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