Boutique Lender Moves HQ to Downtown Birmingham

BIRMINGHAM, MI – Ready Capital Corp., a Michigan business lender that rescues commercial borrowers from the state’s still recovering commercial real estate market with bridge loans and other financial service products, has moved its headquarters to downtown Birmingham.

The boutique lender said in a news release that it provides an alternative to “the restrictive commercial lending appetite of Michigan and national leaders.”

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Besides small balance commercial bridge loans, Ready Capital Corp. also provides business cash advances and lines of credit based on daily, weekly or monthly cash flow.

“We see it every day,” Mark Backonen, Ready Capital’s president, said in a news release. “Small balance commercial mortgage borrowers cannot meet their balloon payment and their current lender does not want to renew or extend their loan.

Borrowers can’t always address their capital needs with a single loan or a single lending theory, Backonen, a 30-year senior executive in Michigan and national lending markets.

“Most commercial mortgages are not investment grade in Michigan at today’s rates,” he said. “Without Federal monies, in the form of expanded programs like the SBA, we are looking at a very underserved market.”

Ready Capital Corp. is located at 199 Pierce St.