Ready Capital Review

Pros and cons.

Pros

• Flexibility in real estate loan options
• Competitive rates and terms
• Simplified application process
• High loan amounts
• SBA-preferred lender
• Instant prequalification for SBA microloans

Cons

• Strict credit score requirements
• Longer prequalification time compared to some competitors

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Loan offerings through Ready Capital.

Ready Capital offers SBA loan products, including SBA 7(a) and SBA microloans, tailored to cater to diverse business needs, from purchasing real estate and equipment to refinancing existing debt. With Ready Capital, businesses can access substantial funding, up to $7 million, at competitive interest rates, complemented by terms of up to 25 years, depending on the loan type. This robust offering positions Ready Capital as a go-to resource for small businesses aiming for expansion or needing a financial boost with the backing of the Small Business Administration’s guarantees.

SBA 7(a) loans.

SBA Microloans

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for financing through Lendio.

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Things to consider.

Simplified application process.

Ready Capital’s application process is designed to be as efficient and hassle-free as possible for business owners. Applicants can expect a straightforward online submission platform, where they’re guided step-by-step through the process. This streamlined approach ensures that potential borrowers can focus more on their business and less on navigating a complex loan application process.

Large range of loan amounts.

Ranging from as low as $15,000 in funding through SBA microloans to a substantial amount of up to $5 million in funding via SBA 7(a) loans, Ready Capital ensures that businesses of all sizes and stages can find a financing solution that meets their specific needs. This flexibility makes it easier for entrepreneurs to manage their cash flow, execute growth strategies, or simply maintain day-to-day operations with confidence, knowing they have the financial support necessary to thrive.

SBA-preferred lender.

Ready Capital’s SBA-preferred lender status allows them to streamline the loan approval process, making it quicker and smoother for small businesses to get the funding they need. The benefit for borrowers is significant — not only do they experience potentially faster loan processing times, but they also have access to Ready Capital’s deep understanding and expertise in SBA guidelines and procedures. This ensures that applications are prepared and reviewed with an expert eye, maximizing the chances of approval and facilitating a more efficient path to funding.

Access to traditional lending options.

Ready Capital’s SBA-preferred lender status allows it access to traditional resources and terms that many online lenders can’t match. This means that businesses can expect not only substantial loan amounts but also interest rates and fees that can significantly lower the total cost of borrowing.

Instant prequalification for SBA microloans.

For many businesses, navigating the timeframe to receive funding is a critical aspect of financial planning, especially when it comes to securing SBA loans. Typically, the wait can stretch anywhere from 30 to 90 days, a delay that can be a significant hurdle for businesses with immediate needs or opportunities requiring quick action. However, Ready Capital offers instant prequalification for SBA microloans. This rapid prequalification contrasts sharply with the standard wait times, providing a glimpse into the efficiency and speed of Ready Capital’s service. Following approval, Ready Capital can disburse funds in as little as 6 days.

Evaluation

Ready Capital is best for:

• Businesses seeking SBA loans. Ready Capital is an excellent option for small to mid-sized businesses that are specifically looking for SBA loan products. With its SBA-preferred lender status, Ready Capital can offer streamlined processing and expert guidance on SBA lending options.
• Companies in need of large funding amounts. For businesses aiming to undertake significant projects like real estate purchases or major expansions, Ready Capital’s ability to fund up to $5 million makes it a compelling choice.
• Entrepreneurs valuing speed in prequalification. The instant prequalification feature for SBA microloans is ideal for businesses that require quick feedback on their loan eligibility, especially when planning for time-sensitive opportunities.
• Borrowers looking for long-term financing options. The extended loan terms of up to 25 years offered by Ready Capital are particularly attractive for businesses planning long-term investments and needing manageable repayment schedules.
• Applicants who prefer a streamlined application process. Business owners who want to minimize the time spent on loan applications will appreciate Ready Capital’s efficient, online application process.
• Businesses seeking to purchase real estate or expensive equipment. Ready Capital is a prime choice for companies looking to invest in significant assets like real estate or high-value equipment. With generous loan amounts, flexible terms, and the backing of SBA guarantees, businesses can confidently pursue large-scale purchases essential for growth and operational expansion.

Where Ready Capital might fall short:

• Limited product range. Though specializing in SBA loans and commercial mortgages, Ready Capital may not offer the broad spectrum of financial products found at larger, more diversified financial institutions. This could be a constraint for businesses seeking more specialized or varied funding options beyond what Ready Capital provides.
• Complexity for first-time borrowers. Despite an efficient application process, the nature of SBA and commercial loans might be overwhelming for new entrepreneurs or those unfamiliar with commercial lending. Ready Capital’s focus on these products may necessitate a steeper learning curve for some applicants.
• Longer funding times than other lenders. Despite the benefits of working with a lender like Ready Capital, one of the trade-offs is a potentially longer wait for funding compared to some alternative, quicker-to-fund options. For businesses with immediate funding needs, this longer timeline could necessitate additional planning and consideration.

How to apply for financing from Ready Capital through Lendio.

Applying for financing through Ready Capital via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Ready Capital is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
4. Finalize the deal: If you decide to proceed with Ready Capital, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

In the complex and competitive world of small business financing, Ready Capital stands out as a formidable ally, particularly for those navigating the terrain of SBA loans. With its streamlined application processes, the potential for substantial funding, and the prestige of SBA-preferred lender status, Ready Capital can be an ideal partner for businesses at various stages of growth.

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