Ready Capital

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.

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

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

• Commercial real estate lending
• SBA 7(a) loans
• USDA B&I lending
• Construction financing
• Bridge loan financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core 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

Named customers13 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered minor and core.

• CBREminorStrategic or Co-development Partner · 1 March 2026CBRE 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 CapitalcoreStrategic or Co-development Partner · 1 January 2026$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 EvergreenminorChannel Partner/ Reseller/ Distributor · 1 December 2025Christie'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 IVcoreStrategic or Co-development Partner · 1 March 2025Ready 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 UScoreStrategic or Co-development Partner · 1 July 2024Acquired 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 OnecoreStrategic or Co-development Partner · 1 June 2024Ready 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 CapitalcoreStrategic or Co-development Partner · 1 February 2023Completed 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.
• EsusuminorStrategic or Co-development Partner · 1 January 2023Partnership 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 InvestorscoreStrategic or Co-development Partner · 1 November 2021Completed 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 StonecoreStrategic or Co-development Partner · 1 August 2021Acquired 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 CorporationcoreStrategic or Co-development Partner · 1 December 2020Completed 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 FundingcoreStrategic or Co-development Partner · 1 October 2019Acquired 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 MortgagecoreStrategic or Co-development Partner · 1 November 2018Completed 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 CorporationcoreStrategic or Co-development Partner · 1 October 2016Completed 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 LendingcoreStrategic or Co-development Partner · 1 July 2014Acquired 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

Broad 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

• Facebookfacebook.com/ReadyCapital
• LinkedInlinkedin.com/company/readycapitalcorporation
• Xx.com/Ready_Capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries7 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ready Capital