Overview
Readycap Lending is our #6 ranked SBA lender based on SBA loan volume from last year.
ReadyCap Lending is a leading provider of financing solutions to small and medium-sized businesses. The company offers a range of products, including SBA business loans, equipment financing, and working capital loans, to help businesses access the capital they need to grow and succeed.
Founded in 2010, ReadyCap Lending has a strong track record of providing financing solutions to businesses across the United States. The company is committed to helping businesses access the capital they need and offers a variety of loan products to meet their unique needs.
One of the key advantages of working with ReadyCap Lending is the company’s expertise in small business SBA lending. The company’s experienced team of bankers has a deep understanding of the challenges and opportunities facing small businesses and is well-positioned to provide the financial solutions they need to succeed.
Readycap’s interest rates on small business loans are lower than the national average:
States where Readycap has done small business SBA loans in the past year:
Readycap’s SBA loans have continued to grow dramatically over the past few years:
Is ReadyCap Lending legit?
Yes, ReadyCap Lending is a legitimate non-bank lender that provides financing solutions to small and mid-sized businesses. ReadyCap is one of the top 25 SBA lenders every year.
What types of financing does ReadyCap Lending offer?
ReadyCap Lending offers a variety of financing solutions, including term loans, lines of credit, SBA loans, and commercial real estate loans.
What are the eligibility requirements for a ReadyCap Lending loan?
Eligibility requirements vary depending on the type of loan, but generally, businesses must be profitable and have been in operation for at least two years as evidenced by two filed federal tax returns. In addition, borrowers must have a minimum credit score of 680 and meet other financial and operational criteria.
What is the maximum loan amount available from ReadyCap Lending?
The maximum loan amount varies depending on the type of loan, but generally ranges from $250,000 to $5 million. ReadyCap only does SBA loans, which have a maximum loan size of $5,000,000.
How long does it take to receive funding from ReadyCap Lending?
The time it takes to receive funding varies depending on the type of loan and the borrower’s individual circumstances. However, ReadyCap Lending typically provides funding within two to four weeks of receiving a completed application, known as a “full file” in banker’s parlance.
What are the interest rates and fees associated with ReadyCap Lending loans?
Interest rates and fees vary depending on the type of loan and the borrower’s individual circumstances. However, ReadyCap Lending provides competitive rates and fee structures, and borrowers can expect to pay fees such as origination fees and prepayment penalties.
Does ReadyCap Lending require collateral for its loans?
Just like any SBA lender, ReadyCap will require the borrower pledge any available assets as collateral. However, collateral is not required.
Can borrowers use ReadyCap Lending loans for any business purpose?
Yes, borrowers can use ReadyCap Lending loans for a variety of business purposes, including working capital, expansion, equipment purchases, debt consolidation, partner buyout, or business acquisition, which is the most popular use of SBA loans.
What is the application process for a ReadyCap Lending SBA loan?
The application process for a ReadyCap Lending loan involves submitting an online application and providing documentation such as financial statements, tax returns, and business plans. ReadyCap Lending then reviews the application and makes a funding decision.
Who are the top competitors to ReadyCap Lending?
As a pure-play SBA lender, ReadyCap’s direct competitors are other top 25 SBA lenders, including but not limited to Live Oak, Huntington, Newtek Small Business Finance, and Celtic Bank.
