Ready Capital
Ready Capital is a publicly traded mortgage REIT (NYSE: RC) providing commercial real estate loans (construction, bridge, multifamily) and government-guaranteed small business loans (SBA 7(a), USDA) to borrowers in all 50 states, with $35B+ cumulative originations and 450 employees.
- Company typePublic
- Founded2011
- HeadquartersNew York, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Ready Capital does
Ready Capital Corporation (NYSE: RC) is a publicly traded commercial mortgage REIT established in 2011 and headquartered in New York. It operates as a multi-strategy real estate finance company with two integrated platforms: a Commercial Real Estate platform offering construction, bridge, multifamily bridge, note-on-note, affordable multifamily (LIHTC), and solution capital loans; and a Small Business platform providing SBA 7(a), USDA Business & Industry, USDA REAP, and technology-enabled alternative lending through acquired brands Knight Capital Funding, iBusiness Funding, Madison One, and Funding Circle US. The company holds SBA Preferred Lender status (ranked #4 in the U.S. and #1 among non-bank lenders) and originates loans in all 50 states through 450 professionals, 13+ offices, Business Development Officers, self-service online portals, and a Strategic Alliances referral network of banks and advisors. As of year-end 2023, the company reported $427M in revenue with cumulative originations exceeding $35 billion since inception and a capital base grown to $2.7 billion post the Broadmark Realty Capital merger.
Ready Capital firmographics
Firmographics- Name
- Ready Capital
- Legal name
- Ready Capital Corporation
- Website
- https://readycapital.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Ready Capital is a publicly traded mortgage REIT (NYSE: RC) providing commercial real estate loans (construction, bridge, multifamily) and government-guaranteed small business loans (SBA 7(a), USDA) to borrowers in all 50 states, with $35B+ cumulative originations and 450 employees.
- Ownership category
- akta.pro rank
Ready Capital industry classification
Industry- Product category
- Commercial Real Estate and Government-Guaranteed Small Business Lending
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)
- SIC
- Mortgage Bankers & Loan Correspondents (6162), Short-Term Business Credit Institutions (6153), Asset-Backed Securities (6189)
- akta.pro primary industry
- SBA/Government-Backed & Development Finance Loans (FSAKAGAI)
- akta.pro secondary industries
- Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH), SME Term Loans & Growth Capital (FSAKAGAB), Balance-Sheet / Portfolio CRE Lending (FSALADAG), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)
Keywords
Where Ready Capital is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices13 records
Markets served
Ready Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Loan Origination and Gain-on-Sale: Ready Capital originates commercial real estate loans and government-guaranteed SBA/USDA loans and generates revenue through gain-on-sale margins when loans are sold or securitized. The Madison One acquisition is expected to generate over $300 million in annual USDA loan volume.
- Net Interest Income: Income earned from interest spread on held-for-investment loans including bridge loans, construction loans, and SBA/USDA loans on the balance sheet.
- Commercial Real Estate Bridge Lending: Non-recourse bridge lending for commercial properties including industrial, self-storage, essential retail, office, non-essential retail, and hospitality. Loans range from $5MM to $75MM with terms up to five years.
- SBA 7(a) Loan Origination: Top SBA Preferred Lender (#4 in U.S., #1 non-bank) originating loans from $350,000 to $5 million for small businesses nationwide, with loans underwritten through iBusiness platform and gain-on-sale revenue generated through guaranteed portion sales.
- USDA B&I and REAP Lending: USDA Business and Industry loans up to $25 million and Rural Energy for America Program loans up to $25 million for rural businesses, generating government guarantee fees and loan sale revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Commercial Bridge Loans: Core Assets (Industrial, Self-Storage, Essential Retail) - Up to 75% LTC |
| Unit Pricing | Pay-as-you-go | Construction Finance and Construction-to-Bridge: $20MM to $50MM |
| Unit Pricing | Pay-as-you-go | Affordable Multifamily Loans: $3MM to $100+MM |
| Unit Pricing | Pay-as-you-go | SBA 7(a) Loans: $350,000 to $5,000,000 |
| Unit Pricing | Pay-as-you-go | USDA B&I Loans: Up to $25 million |
| Unit Pricing | Pay-as-you-go | USDA REAP Loans: Up to $25 million (combined REAP and B&I up to $50 million) |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Ready Capital product offering
Product offeringCore offering
Ready Capital is a multi-strategy real estate finance company that originates and services commercial real estate loans (construction, bridge, multifamily, affordable housing, and agency financing) and government-guaranteed small business loans (SBA 7(a) and USDA B&I/REAP programs). The company generates revenue through net interest income on held-for-investment loans and gain-on-sale margins when originated loans are sold or securitized. As a top SBA Preferred Lender and one of only 16 non-bank SBA 7(a) license holders, Ready Capital operates as a direct lender and through referral partnerships.
Product overview
Ready Capital is a multi-strategy real estate finance company that operates as a platform offering two core product lines: Commercial Real Estate Loans and Small Business Loans. The CRE platform includes Construction Loans (including Construction-to-Bridge), Commercial Bridge Loans, Multifamily Bridge Loans, Note-on-Note Financing, Affordable Multifamily Loans, and Solution Capital products. The Small Business platform centers on SBA 7(a) Loans (as the #4 SBA Preferred Lender) and USDA Loans (including B&I and REAP programs), supplemented by Alternative Lending through acquired brands Knight Capital Funding and iBusiness Funding. The company also operates a Strategic Alliances referral program and PPP Forgiveness portal. Ready Capital has completed 13 acquisitions since 2014, including Madison One (USDA/SBA), Funding Circle US, Knight Capital Funding, and multiple public company mergers.
Differentiator
Problem solved
Functional benefit
Brands
- Knight Capital Funding: Technology-driven platform providing working capital to small and medium-sized businesses across all 50 states. Acquired October 2019.
- Madison One
- iBusiness Funding
- Funding Circle US
Products and services
- Commercial Real Estate Loans
- Commercial Bridge Loans
- Multifamily Bridge Loans
- Construction Loans
- Note-on-Note Financing
- Affordable Multifamily Loans
- Solution Capital
- SBA 7(a) Loans
- USDA Business and Industry (B&I) Loans
- USDA REAP Loans
- Knight Capital Funding
- iBusiness Funding
- Strategic Alliances Program
- Madison One USDA and SBA Loan Origination and Servicing
- Funding Circle US Small Business Lending Platform
Quantifiable outcome
- Over $35 billion in loan originations since inception
- +4 more outcomes
Companies that use Ready Capital
Customer profileNamed customers13 records
Segments6 records
Ideal customer profiles5 records
Ready Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Ready Capital partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered minor and core.
- CBREminorCBRE served as broker for the $127 million refinancing of Chesterbrook Office Campus in suburban Philadelphia, sourced by Ready Capital in partnership with Waterfall Asset Management and property owner Rubenstein Partners.
- Knight Capitalcore$1 billion arrangement signed to fund future off-balance sheet CRE loan originations through Knight Capital platform, with originations expected to begin in Q3 2026 as part of de-leveraging strategy.
- Christie's International Real Estate EvergreenminorChristie's International Real Estate Evergreen was appointed as exclusive brokerage in December 2025 to liquidate the remaining inventory of luxury condos at the Ritz-Carlton Residences at Portland's Block 216 tower, which Ready Capital took ownership of via deed in lieu of foreclosure.
- United Development Funding IVcoreReady Capital completed acquisition of United Development Funding IV in March 2025 in a stock and CVR-based deal, further expanding its real estate finance capabilities.
- Funding Circle UScoreAcquired in July 2024, Funding Circle US provides automated and technology-enabled customer experience for small business lending. The acquisition increases efficiency and funding solutions while expanding Ready Capital's digital lending capabilities.
- Madison OnecoreReady Capital acquired Madison One in June 2024, a leading USDA and SBA loan originator and servicer. The acquisition expands Ready Capital's presence in government-guaranteed lending and is expected to generate over $300 million in annual USDA loan volume, enhancing revenue diversification and scale of gain-on-sale business.
- Broadmark Realty CapitalcoreCompleted merger with Broadmark Realty Capital in February 2023, a synergistic transaction that enhanced scale, liquidity, and capabilities and increased capital base to $2.7 billion.
- EsusuminorPartnership established in 2023 with Esusu, the leading financial technology platform leveraging data to empower renters and improve property performance. Through this partnership, Ready Capital helps bolster credit scores of underserved renters, provides access to rent relief programs, and offers financial literacy and credit education courses. Ready Capital also donates to the Stable Home Fund charity.
- Mosaic Real Estate InvestorscoreCompleted merger of Mosaic Real Estate Investors in November 2021, increasing scale and diversification and expanding the platform into construction finance with capital base over $1.8 billion.
- Red StonecoreAcquired in August 2021, Red Stone is a real estate finance company focused on affordable housing. The deal involved cash, stock, and assumption of Red Stone's secured debt, aiming to diversify Ready Capital's portfolio and strengthen its presence in the affordable housing sector through LIHTC financing capabilities.
- Anworth Mortgage Asset CorporationcoreCompleted merger with Anworth Mortgage Asset Corporation in December 2020, increasing scale and liquidity and enabling efficiencies to support growth into a diversified, industry-leading real estate finance company.
- Knight Capital FundingcoreAcquired in October 2019, Knight Capital Funding is a technology-driven platform providing working capital to small and medium-sized businesses across all 50 states. The acquisition expanded Ready Capital's efficiency, product offerings, and platform to small businesses while improving lending platform efficiency.
- Owens Realty MortgagecoreCompleted merger with Owens Realty Mortgage in November 2018, accelerating growth in LMM commercial real estate and expanding capital base to over $750 million.
- Zais Financial CorporationcoreCompleted reverse merger with Zais Financial Corporation in October 2016, providing access to public markets and creating a LMM commercial real estate focused, public specialty finance company.
- CIT Small Business LendingcoreAcquired CIT Small Business Lending in July 2014, providing SBA ownership license and enabling CRE-secured lending to investors and small businesses.
Scale indicators18 records
Recent moves6 records
Expansion highlights6 records
Ready Capital competitors and assessment
Company assessmentBroad incumbents
- Trinity Capital: Public specialty finance company (NASDAQ: TRIN) providing debt and equipment financing to SMBs. Comparable in providing structured capital solutions to growth-stage and small businesses.
- AGNC Investment Corp: Large mortgage REIT (NASDAQ: AGNC) primarily focused on agency MBS but operates at scale in mortgage finance. Provides comparison for public mortgage REIT capital structure and dividend policy.
- Blackstone Mortgage Trust: Public CRE mortgage REIT (NYSE: BXMT) managed by Blackstone, focused on senior floating-rate CRE loans. Comparable large-scale CRE mortgage REIT with institutional sponsor.
Direct peers
- Pennymac Financial Services: Public mortgage banking company (NYSE: PFSI) involved in origination and servicing of residential and CRE loans. Comparable in mortgage REIT/mortgage banking business model and securitization capabilities.
- Ares Commercial Real Estate: Specialty finance company (NYSE: ACRE) originating and investing in CRE loans including bridge, construction, and transitional assets. Direct competitor in middle-market CRE lending space.
- Ladder Capital Corp: Public mortgage REIT (NYSE: LADR) offering CRE bridge, construction, and permanent loans across multifamily and commercial property types. Most directly comparable peer given shared focus on transitional CRE lending and securitization.
- NewtekOne (formerly Newtek Business Services): Public non-bank SMB lender and SBA 7(a) originator with diversified business lending products. Closest direct peer in non-bank SBA lending space with similar distribution strategy.
- Starwood Property Trust: Diversified CRE finance REIT (NYSE: STWD) active in commercial mortgage, real estate securities, and infrastructure lending. Comparable in scale and multi-strategy CRE lending with public capital markets access.
- Live Oak Bancshares: Bank holding company (NASDAQ: LOB) specializing in SBA lending as a leading national SBA 7(a) originator. Comparable SBA-focused franchise and small business lending model.
Emerging players
- Capitala Finance (now Logiq / CSWC peer): BDC and specialty lender providing lower-middle-market debt financing. Comparable in providing capital to smaller borrowers and SBA/USDA-type financing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Ready Capital social profiles
Digital presenceReady Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ready Capital leadership team
Management profileNumber of profiles
Profiles24 records
Ready Capital subsidiaries and ownership
Company hierarchySubsidiaries7 records
Ready Capital funding detail
Funding detailFunding overview
Funding rounds7 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ready Capital M&A and investment
M&A and investmentM&A6 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ready Capital
What does Ready Capital do?
Ready Capital is a multi-strategy real estate finance company that originates and services commercial real estate loans (construction, bridge, multifamily, affordable housing, and agency financing) and government-guaranteed small business loans (SBA 7(a) and USDA B&I/REAP programs). The company generates revenue through net interest income on held-for-investment loans and gain-on-sale margins when originated loans are sold or securitized. As a top SBA Preferred Lender and one of only 16 non-bank SBA 7(a) license holders, Ready Capital operates as a direct lender and through referral partnerships.
Is Ready Capital a public or private company?
Ready Capital is a public company. It is classified as public and is currently operating.
When was Ready Capital founded?
Ready Capital was founded in 2011. It employs 251 to 500 people.
Where is Ready Capital based?
Ready Capital is headquartered in New York, United States, in the North America region.
How does Ready Capital make money?
Five revenue lines are on record. Loan Origination and Gain-on-Sale is the primary driver. The others are net Interest Income, commercial Real Estate Bridge Lending, SBA 7(a) Loan Origination and USDA B&I and REAP Lending.
Who are Ready Capital's main competitors?
Broad incumbents on record are Trinity Capital, AGNC Investment Corp and Blackstone Mortgage Trust. Direct peers are Pennymac Financial Services, Ares Commercial Real Estate, Ladder Capital Corp, NewtekOne (formerly Newtek Business Services), Starwood Property Trust and Live Oak Bancshares. Capitala Finance (now Logiq / CSWC peer) is listed as an emerging player.
Does Ready Capital have an API?
No public API is recorded for Ready Capital.
What industry is Ready Capital in?
Ready Capital's product category is Commercial Real Estate and Government-Guaranteed Small Business Lending. Its primary akta.pro industry code is FSAKAGAI, SBA/Government-Backed & Development Finance Loans, with a secondary code of FSALADAH, Construction & Development (C&D) Lending — Commercial/Multifamily. Its NAICS code is 525 and its SIC code is 6162.