NEW YORK, Aug. 7, 2017 /PRNewswire/ -- Sutherland Asset Management Corporation ("Sutherland") (NYSE: SLD) announced today that it has completed the securitization of $143.3 million of seasoned, performing mortgage loans secured by commercial real estate, including, industrial, retail, hospitality, multi-family and other property types. The mortgage loans were acquired by Sutherland subsidiaries through several portfolio acquisitions and have weighted average seasoning of over twelve (12) years. The loans were originated or acquired by four primary originators including GE Capital, CNL, PMC and CIT, all of which originated business loans to small business owners prior to the credit crisis.
"This transaction represents Sutherland's strong understanding of small business lending and continued dedication to the sector," said Thomas Capasse, Sutherland's Chief Executive Officer. "Small business occupies 30% to 50% of all commercial space, so naturally, a transaction backed by commercial real estate is core to our strategy. This transaction speaks to the strength of our organization that possesses years of business lending expertise combined with our ability in utilizing efficient capital markets."
Sutherland's dedication extends to providing new loans to qualified business owners through its ReadyCap Lending subsidiary, which was formed in 2012, and holder of one of 14 Small Business Lending Company ("SBLC") licenses issued by the Small Business Administration ("SBA"). ReadyCap Lending, is among the top 50 originators, provides secured financing nationwide to small business owners under the 7(a) loan program. For more information, visit http://RCLending.com, or call 800-713-4984.
About Sutherland Asset Management Corporation
Sutherland Asset Management Corporation (NYSE: SLD) is a REIT that originates, acquires, finances, services and manages small balance commercial ("SBC") loans, U.S. Small Business Administration loans under its Section 7(a) program, and residential mortgage loans. The Company originates SBC loans through its ReadyCap subsidiaries and originates residential mortgage loans through its GMFS subsidiary. The Company is externally managed and advised by Waterfall Asset Management, LLC.
Sutherland Asset Management
SOURCE Sutherland Asset Management Corporation