Ready Capital
At a Glance
The nationwide option when the regional banks do not reach you; price it against a bank, because its average rate sits above the median.
- Pricing
- Custom Pricing, Loan products, no fee to engage. The 7(a) runs from $350,000 to $5,000,000 with terms up to twenty-five years, and the lender states limited or no prepayment penalties with closing costs financeable. No rates or fees are published; its average initial rate on change-of-ownership loans in the federal file is above the median for active acquisition lenders, so ask early.
- Best For
- A buyer outside the regional banks' footprints, or one buying out a partner, who wants a nationwide lender that already writes acquisitions at this size
- In the Federal File
- 81 change-of-ownership loans in FY2025, 13th most in the country, averaging $2.3M each, at an average initial rate of 9.72%. Computed from the SBA's own loan-level data, not from anything the lender publishes.
- Track Record
- Thirteenth by change-of-ownership loan count in FY2025, and a non-bank.
- Type
- Non-bank lender (lends its own money, no deposits)
- Footprint
- All fifty states.
- Approval Authority
- Says it holds SBA Preferred Lender status, so it can approve the loan itself rather than sending the file to the agency for a second look.
- Deal Size
- $500k to $5M.
- States a floor: the smallest loan it publishes is $350k.
- Stated twice, once as a range and once in an FAQ, and the page names the platform that takes anything below it. Its bridge lending book carries a one million dollar minimum that has nothing to do with this desk, which is a different product's floor sitting one click from this one.
- Searcher Practice
- A general SBA lending desk, handled remotely.
- A 7(a) page with a business-acquisition page beneath it, both written as loan uses: what the money buys, what it costs, and who qualifies. Neither page addresses somebody who is still looking for a company.
- Published Terms
- 7(a) from $350k to $5M, to twenty-five years, in all fifty states.
- Roadmap Stages
- 3. Set Up & Fund the Search5. Diligence & Close the Deal
Where Its Loans Went
55 of its 62 change-of-ownership loans in the ranked industries went to one: Gasoline Stations with Convenience Stores.
- Gasoline Stations with Convenience Stores55 loans
- Supermarkets and Other Grocery Retailers (except Convenience Retailers)7 loans
Counts cover FY2020 through FY2025, from the SBA's loan-level file.
Pros and Cons
Pros
- The only non-bank on this shelf, and a Preferred Lender, so the credit decision does not wait on a bank's branch relationship or on a second SBA review
- Lends in all fifty states, which matters because several of the most active acquisition lenders are regional
- Names business acquisition, partner and shareholder buyouts, and franchise acquisition as eligible uses on its own 7(a) page, three of the shapes a searcher's deal actually takes
- Wrote 81 change-of-ownership loans in FY2025 totaling about $183M, computed here from the SBA's own loan file, so the volume is verified rather than claimed
- States limited or no prepayment penalties and that closing costs may be financed, both of which change the real cost of the loan
Cons
- Its average initial rate on change-of-ownership loans runs about a point above the median for active acquisition lenders, which on a million-dollar loan is real money every month
- A $350,000 minimum, so the smallest main-street purchases are out
- Publishes no rates or fees, so the comparison has to be made on term sheets
- No Searchfunder or Reddit thread discusses the lender, so there is no practitioner account of how it handles a search-fund file
What Searchers Say
Loan counts, dollars, and the average initial rate are computed here from the SBA 7(a) loan-level file. Non-bank status, Preferred Lender status, loan range, term, footprint, and the named eligible uses are from the lender's own 7(a) page.
How to Approach
Ready Capital is a non-bank lender, so this is how that kind of lender comes in, what it weighs, and how to arrive ready.
The Typical Arc
- An application straight to the lender, with no branch relationship to build first.
- Its own underwrite, funded from its own balance sheet rather than deposits.
- A term sheet, then closing on the SBA's timeline like any 7(a).
What It Weighs
- The same coverage math a bank runs, since the SBA's rules are the SBA's rules.
- Whether the deal fits a lane it already lends in, which is usually wider than a regional bank's.
- How the file reads on paper, because there is no relationship to lean on.
How to Prepare
- Model the payment and coverage before you apply. SBA Acquisition Calculator
- Underwrite the specific deal end to end. Underwrite a Deal
- Price it against a bank's offer, since non-bank rates often run higher. SBA Acquisition Calculator