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Ready Capital Corporation Announces New HQ

February 04, 2016, 07:16 AM
Filed Under: Industry News

Ready Capital Corporation announced its new headquarters in downtown Birmingham, MI. Ready Capital Corporation provides much needed business capital in its home state.  The boutique Michigan business lender is rescuing commercial borrowers from its state’s recovering commercial real estate market and the restrictive commercial lending appetite of Michigan and national lenders. Ready Capital provides a variety of products including innovative small balance commercial bridge loans, business cash advances, and lines of credit for A-C credit profiles based on daily, weekly, or monthly cash flow.

“We see it every day,” says Mark Backonen, Ready Capital President.  “Small balance commercial mortgage borrowers cannot meet their balloon payment and their current lender does not want to renew or extend their loan.  We realize that the Banks are doing the best that they can and they are now realizing that we can create value for them and their borrowers with our suite of innovative lending products.”

“Many times a borrower cannot solve their capital needs with one loan or one lending theory,” says Backonen, a 30 year senior executive in his home State and the National lending markets.  “Most Commercial Mortgages are not investment grade in Michigan at today’s rates. Without Federal monies, in the form of expanded programs like the SBA, we are looking at a very underserved market. To solve problems, we incorporate everything from business loans or advances on a business’s cash flow, we sell or leverage accounts receivables, inventory or equipment and effectively create the missing equity needed to secure a commercial mortgage.  We are a huge asset to turn around firms, commercial bankers, CPA’s, attorneys, and the banks etc.  Virtually all of our business is collaboration from a professional third party.”

Bankers and other professional groups are finding Ready Capital Corporation to be an integral part of solving business capital needs in Michigan. Michael Lenchner, a Birmingham Michigan based attorney has found Ready Capital to be an intelligent partner for bankers, borrowers and attorneys. “I consult with Ready Capital staff on many types of Business Capital scenarios. It’s great to have Ready Capital centrally located in downtown Birmingham.”

Ready Capital Corporation provides a full spectrum of business capital solutions for small businesses and up to the middle market. Ready Capital’s solutions include quick close bridge financing, asset based financing, receivable financing, forward receivable purchasing, and select project financing. We also have a range of professional financial services for businesses with gross sales exceeding five million dollars, including capital restructuring, fund creation with broker dealer distribution and limited private equity financing.  Mark Backonen says, “We are thrilled to be in downtown Birmingham and I’m really proud of what we are doing. I know we are providing a lot of value to our borrowers and clients.”

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