SBA grants Preferred Lender status to ReadyCap Lending, affirming the company's track record in SBA lending. Small business borrowers will experience a faster loan process due to ReadyCap's delegated authority, which speeds the timeline by one month, on average.
New Providence, NJ (PRWEB) October 19, 2015
ReadyCap Lending, LLC (http://www.readycaplending.com), a nationally recognized SBA lender and subsidiary of ReadyCap Commercial, LLC, has been granted preferred lender status by the U.S. Small Business Administration (SBA). The Preferred Lenders Program (PLP) is part of the SBA’s initiative to streamline financing procedures for the small business community.
“Our status as a SBA Preferred Lender makes a big difference for our clients in speed and turnaround time,” said John Moshier, President of ReadyCap Lending. “The loan process will improve, on average, a minimum of four weeks faster, because we are able to credit-approve our loans in-house. This is extremely beneficial to our small-business customers, and it affirms our track record in SBA lending, as well as our ability to go to market faster.”
With PLP status, ReadyCap Lending has delegated authority from the SBA to determine eligibility and make the final credit decision on small-business loans. The paperwork process is also streamlined. In order to be considered for PLP status, lenders must have a demonstrated proficiency in processing and servicing SBA guaranteed loans, the ability to develop and analyze complete loan packages, and a satisfactory performance history with the SBA.
As a preferred lender, ReadyCap Lending can r
educe the time to process and accelerate the funding timeline for SBA loans to qualified businesses.
In addition to serving small-business owners, entrepreneurs, start-up companies and investors nationwide, ReadyCap Lending specializes in serving military veterans with a dedicated Veteran Community Development program and staff.
About ReadyCap Lending
ReadyCap Lending, LLC (http://www.readycaplending.com), is a licensed small-business lending company offering SBA 7(a) loans up to $5 million to small businesses throughout the United States. Based in New Providence, NJ, ReadyCap Lending is a subsidiary of ReadyCap Commercial, LLC, a wholly owned indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation (“Sutherland”). Sutherland, which is organized as a real estate investment trust, acquires, originates, manages and finances commercial real estate loans, and to a lesser extent, asset-backed securities where the underlying pool of assets consists primarily of commercial real estate loans and other real estate-related investments. ReadyCap Lending is an SBA Preferred Lender, and has a dedicated Veteran Community Development program for military veterans. For more information, visit http://www.readycaplending.com, or call 800-713-4984.
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