IBUSINESS FUNDING ACQUIRES SELECT NON-SBA ASSETS AND TALENT FROM FOUNTAINHEAD SBF LLC

Leading lending solution provider completes acquisition to fuel growth

FORT LAUDERDALE, Fla., May 18, 2023 /PRNewswire/ -- iBusiness Funding, LLC, a leading provider of innovative lending solutions like LenderAI and Lending as a Service (LaaS), today announced the acquisition of select non-SBA assets and talent from Fountainhead SBF LLC. This strategic acquisition is part of iBusiness Funding's ongoing commitment to deliver a broader range of financial solutions to its growing customer base.

The acquired assets from Fountainhead will enhance iBusiness Funding's ability to provide a comprehensive suite of financial solutions. The acquired team from Fountainhead brings a wealth of industry expertise that will be instrumental in the company's continued growth and expansion.

"We are thrilled to welcome the Fountainhead team to iBusiness Funding," said Justin Levy, CEO at iBusiness Funding. "Their expertise, combined with our robust LaaS product, will enable us to provide more diversified and sophisticated lending solutions to our clients. This acquisition aligns perfectly with our growth strategy and our commitment to delivering exceptional service to our clients."

As a result of the acquisition, iBusiness Funding plans to leverage the acquired team's expertise to continue growing its LaaS business and expand into new areas including general partner lending, construction loans, and multi-draw lending. This acquisition will also enable iBusiness Funding to relaunch its SBA micro and express loan programs supported by their proprietary SBx approval model, providing small businesses with more accessible and flexible loan options.

"We're excited about the opportunities this acquisition brings to our clients and our team," added Mr. Levy. "With the combined expertise of our teams and the expanded product offerings, we're poised to help more businesses grow and succeed."

iBusiness Funding is a wholly owned subsidiary of Ready Capital (NYSE:RC)

About iBusiness Funding, LLC

iBusiness Funding is a leading provider of lending solutions for banks and lenders of all sizes with a specialization in SBA lending. The company offers a range of products and services designed with a core mission to streamline the business lending process to get efficient capital into the hands of small and medium-sized businesses. iBusiness Funding originates and services loans from $5,000 up to $5,000,000 and sees over 1,000 business loan applications through its platform daily. For more information, visit www.ibusinessfunding.com

About Ready Capital Corporation 

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 600 professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

SOURCE iBusiness Funding