Ready Capital Corp., a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans, has entered into a definitive merger agreement pursuant to which Ready Capital has agreed to acquire a series of privately held, real estate–structured finance opportunities funds, with a focus on construction lending, managed by MREC Management. The expected value of the deal at closing is approximately $471 million.
Following the mergers, Ready Capital is expected to have a pro forma equity capital base in excess of $1.7 billion. The acquisition is expected to further expand Ready Capital's investment portfolio to include a diverse portfolio of construction assets with attractive portfolio yields resulting in expected earnings accretion and a reduced leverage profile.
Under the terms of the merger agreement, Ready Capital will acquire all of the outstanding equity interests in Mosaic Real Estate C
