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10-31-2019, 10:23 PM #1
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Ready Capital Acquires Knight Capital
10/31/2019
キ Expands Funding Solutions to Small Businesses Through Acquisition of Technology-Driven Working Capital Finance Platform
NEW YORK, Oct. 31, 2019 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company"), a multi-strategy real estate finance company that originates, acquires, finances and services small to medium-sized balance commercial loans, today announced it has acquired Knight Capital LLC ("Knight Capital").
Knight Capital is a leading technology-driven platform that provides working capital to small and medium sized businesses across all 50 states. Through its business funding platform, Knight Capital supports business operations by offering a faster alternative to conventional bank funding. Knight Capital achieves a competitive edge within its industry through the use of proprietary technology to enable more efficient underwriting as well as industry-leading best practices and high customer satisfaction rates.
"The acquisition of Knight Capital expands Ready Capital's product offering to small businesses and does so on a platform that has achieved scale," said Tom Capasse, Ready Capital's Chairman and Chief Executive Officer. "Furthermore, the addition of Knight Capital will allow us to leverage its proprietary technology to further increase the efficiency of Ready Capital's lending platform, enhance our borrowers' experience and expand existing customer acquisition channels."
Ready Capital acquired all of the outstanding membership interests of Knight Capital in exchange for cash and 658,771 shares of Ready Capital common stock issued to the former members of Knight Capital in a private placement transaction.
About Ready Capital
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized 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 400 lending professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.
Advisors
Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as financial advisor and Alston & Bird LLP acted as legal advisor to Ready Capital in the transaction. Piper Jaffray & Co. acted as financial advisor and Greenberg Traurig, P.A. acted as legal advisor to Knight Capital. ICR, LLC acted as communication advisor.
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10-31-2019, 11:00 PM #2
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- May 2014
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- 7
A high rate (100%+ yields) merchant cash advance company gets sold to a commercial mortgage REIT.......uh, what?!?
Ready Capital is managed by Waterfall...
Waterfall is/has been Knight's senior lender...
This is likely a distressed situation/arranged marriage so Waterfall can try and get their money back
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11-01-2019, 09:05 AM #3
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11-01-2019, 09:22 AM #4
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- Feb 2019
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As long as they start answering the phones
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11-01-2019, 10:32 AM #5
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- Naples, FL
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11-01-2019, 12:22 PM #6
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-01-2019, 01:35 PM #7
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11-01-2019, 01:56 PM #8
if what you say is true they wouldn't be talking about stock transfers.. This looks more like Ready Capital saw a good investment and went all in.. I could be wrong, but I dont see how anyone gets paid out if they were being taken over for not making good on their financial obligations
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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11-01-2019, 02:29 PM #9
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i agree 100% john
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11-01-2019, 02:46 PM #10
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- Mar 2017
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11-05-2019, 01:25 PM #11
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- Apr 2018
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- 144
all wrong. Knight got a new line from Credit Suisse about a year and a half ago that paid off Waterfall. Their rate went from Libor + 11% down to Libor + 5-6%, which immediately made the company profitable since they are not paying huge interest payments.
this is a book of business and data sale for sure. predictable returns moving forward for Ready Capital.
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11-05-2019, 01:36 PM #12
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- Apr 2018
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- 144
waterfall/ready capital obviously have inside information on how the company operates and does business since they technically funded them, so smart move by them.
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11-05-2019, 01:55 PM #13
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- Jul 2017
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11-05-2019, 02:12 PM #14
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- Apr 2018
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CEO walked away with 10 mil in stock.. can sell at anytime according to docs on Ready Capital website.
Vacation time.
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11-05-2019, 03:12 PM #15
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- Dec 2013
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also says cash... in the past ive seen press releases that state cash and then in the later filings it showed 9-Digits or at times 6 Digits -- who-knows.... my point is it also stated CASH.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-05-2019, 05:20 PM #16
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- Apr 2018
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- 144
we shall see once Ready Capital's quarterly filing comes out.
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11-05-2019, 05:28 PM #17
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- Dec 2013
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- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-05-2019, 05:52 PM #18
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- Jul 2019
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- 23
Short the stock? I made a killing shorting on deck
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11-05-2019, 06:59 PM #19
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- Dec 2013
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- 4,713
Never short a stock period. with a stock your out at zero shorting the loss is endless.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-05-2019, 07:26 PM #20
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- Jul 2015
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11-06-2019, 05:27 AM #21
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- Mar 2015
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Please leave trading strategies to the capital markets professionals on the forum. Risk-you can’t steal second base with your foot firmly placed on first.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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11-06-2019, 12:23 PM #22
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- Jun 2015
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- 3,323
so the new iso agreement has renewal cm on net ,anything else different i am missing?
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11-07-2019, 12:19 PM #23
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- Dec 2013
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- 4,713
Sean Confirmed on Debanked
Update 11/7/19 9:05 AM: Ready Capital Corporation confirmed this morning that Knight Capital’s total sale price was $27.8M. $10M was in stock.
Ironically 27M seems like an interesting # in our space... (can it be theye used that # to gauge a value >? i strongly doubt that ... !)..
https://www.crunchbase.com/acquisiti...cker--95c1b32fMarcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-07-2019, 01:00 PM #24
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Imagine what the price would have been for a company that answers the phone.
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11-07-2019, 01:19 PM #25
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- Dec 2013
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- 4,713
Even now they are NOT ?
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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