Ready Capital Review

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Ready Capital

Funding amount

Up to $500,000

Term

Up to 25 years

Min. credit score

640

Time to funding

As soon as 6 days after approval

Ready Capital is a commercial lender that stands out for its dedication to helping small and mid-sized businesses expand, refinance, or acquire properties. Specializing in a range of financing solutions, from SBA loans to commercial mortgages, Ready Capital is geared toward entrepreneurs looking for competitive rates and terms that suit their unique business needs. With a focus on smooth and speedy transactions, they offer a prequalification process that’s both quick and straightforward, aiming to remove the financial roadblocks that often hinder business growth.

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

Ready Capital

Apply through Lendio How it works

Funding amount

Up to $500,000

Term

Up to 25 years

Min. credit score

640

Time to funding

As soon as 6 days after approval

Ready Capital is a commercial lender that stands out for its dedication to helping small and mid-sized businesses expand, refinance, or acquire properties. Specializing in a range of financing solutions, from SBA loans to commercial mortgages, Ready Capital is geared toward entrepreneurs looking for competitive rates and terms that suit their unique business needs. With a focus on smooth and speedy transactions, they offer a prequalification process that’s both quick and straightforward, aiming to remove the financial roadblocks that often hinder business growth.

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

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.

Ready Capital SBA 7(a) loans quick facts
Loan amount range$50,000 to $500,000
Time in business2 years 
Minimum credit score640
Minimum annual revenueNo minimum revenue requirement
Repayment scheduleMonthly
FeesVaries by loan amount and repayment fee
Funding speedAs quickly as 6 days after approval

SBA Microloans

Ready Capital SBA microloans quick facts
Loan amount range$15,000 to $50,000
Time in business1 year 
Minimum credit score640
Minimum annual revenue$60,000 
Repayment scheduleMonthly
FeesVaries by loan amount and repayment fee
Funding speedAs quickly as 6 days after approval

See if your business is eligible for financing.

How much money are you looking for?

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:

Where Ready Capital might fall short:

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.

Ready to compare Ready Capital with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (June 7, 2024). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

Quickly compare loan offers from multiple lenders.

Applying is free and won’t impact your credit.

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