July 24, 2014
By Bob Coleman
Editor, Coleman Report
CIT SBLC License Sold to ReadyCap Commercial, LLC
“ReadyCap is pleased to make this announcement, as this represents a major step in the growth of our company,” says Tom Capasse, CEO of SAM. “The acquisition of this platform will allow ReadyCap and RCL to serve as a key financial resource for small business owners who may not qualify for funds through conventional commercial loan products. Small businesses represent the foundation of our nation’s economy and business owners and entrepreneurs need flexibility and quicker closings that banks simply cannot provide.”
RCL is acquiring $1.3 billion of SBA 7(a) loan servicing rights, the largest among non-bank 7(a) lenders, with a $370 million non-guaranteed retained participation interest, licensing the rights to use certain CIT origination and servicing systems and will retain a majority of the small business lending staff currently at CIT. The presence of the SBA lending group in New Jersey, coupled with its current headquarters in Irvine, CA will provide ReadyCap with coast-to-coast lending operations.
ReadyCap has originated approximately $250 million in conventional commercial mortgage loans since its inception in 2013.
Patrick Sullivan Joins Liberty SBF as Midwest Manager
“The addition of a financing professional like Patrick allows us to bring our great products directly to our customers with the superior service and expertise they have come to expect,” says Alex Cohen CEO of Liberty SBF.
Prior to joining Liberty SBF, Patrick. Sullivan was a commercial real estate loan originator with Equity One SBC where he specialized in providing financing solutions for growing companies, including bridge and alternative lending products. Before that, Patrick was a realtor with The MG Group at Prudential Rubloff (now Berkshire Hathaway KoenigRubloff Property Group) in Chicago focusing on residential and investment property sales and leasing. He graduated from Ohio State University with a B.S. in Business Administration.
Liberty SBF is a full-service commercial real estate finance company that provides loan origination, loan servicing and asset management. The company has a special expertise in small-balance commercial lending, lending directly from its balance sheet and originating loans for its investment partners.
Join us for a Complimentary Coleman Webinar: “Protecting Your Book of Business — How to Move the Loan Turndown Decision from your “No” to somebody elses “Yes”, Receive a Fee and Keep the Relationship” Sponsored by Lendio.
Learn how to quickly and easily turn your customer’s loan rejection into a yes with an alternative lender. This win-win solution solves your customer’s needs, covers your cost with a referral fee, and most importantly allows you to retain the relationship.
In 60 minutes, we will discuss how cloud computing solutions with Lendio Pipeline are creating efficient and profitable ways for you to deliver loans outside your credit box to your small business customers.
Upcoming Small Business Lending Conferences
Great Lakes Lenders Conference, Detroit, July 31 – August 1
Florida Small Business Lenders Conference, Orlando, September 17-19
ASBDC Annual Conference, Grapevine, TX September 9-12, 2014
Innovative Finance Delivery for Small Business Las Vegas September 23-24
NAGGL 2014 Annual Meeting, Huntington Beach October 28-30
American Banker/RMA Small Business Banking Conference, Miami November 19-21
Coleman’s 7th Annual SBA Secondary Market Forum, Washington D.C. December 2
Coleman’s 15th Annual Rural Lender’s Roundtable, Washington D.C. December 3