RC - Ready Capital Announces Acquisition of Madison One | Benzinga
NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital" or the "Company"), a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans, today announced that it has acquired Madison One Capital, M1 CUSO and Madison One Lender Services (together, "Madison One"), a leading originator and servicer in the highly profitable government guaranteed loan industry focusing on United States Department of Agriculture ("USDA") and SBA guaranteed loan products. Terms of the transaction were not disclosed.
The transaction will expand Ready Capital's presence in USDA lending through programs that support guaranteed loans for small businesses and energy projects in rural areas. The addition of Madison One, a leading USDA lender and servicer, meets Ready Capital's objective to diversify revenue sources and increase scale of gain-on-sale businesses. Ready Capital is already the fourth largest originator of SBA 7(a) ...