Ready Capital, a real estate finance company, has formally consolidated Red Stone Tax Exempt Funding across all aspects of its business.
Active in affordable housing, Ready Capital (NYSE:RC) originates, acquires, finances, and services small- to medium-sized balance commercial loans. It acquired Red Stone Tax Exempt Funding in 2021.
Following a successful 2022 in which origination volume surpassed $730 million, the team is on target to meet or exceed that level this year and will continue to provide innovative affordable lending products, working under the Ready Capital brand, according to company officials.
“The Red Stone business continues to perform extremely well and is highly complementary to our overall platform,” said Thomas Capasse, chairman and CEO of Ready Capital.
He aded, “The affordable housing sector continues to be a growth opportunity, and this is the perfect time to fully align and continue to realize the synergies that we have achieved, all under the Ready Capital banner.”
Headquartered in New York, the company employes over 600 people nationwide. It specializes in loans backed by commercial real estate, including agency multifamily, investor, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program.
John Sokolovic is managing director and head of Ready Capital Affordable Multifamily Finance.
“We will continue to grow our division and contribute to the overall Ready Capital business, which remains well diversified and positioned to find opportunities in this environment,” he said. “We look forward to broadcasting our new brand at AHF Live in Chicago.”