Ready Capital announced that it has acquired Madison One Capital, M1 CUSO and Madison One Lender Services a leading originator and servicer in the highly profitable government guaranteed loan industry focusing on United States Department of Agriculture USDA and SBA guaranteed loan products. Terms of the transaction were not disclosed. The transaction will expand Ready Capital’s presence in USDA lending through programs that support guaranteed loans for small businesses and energy projects in rural areas. The addition of Madison One, a leading USDA lender and servicer, meets Ready Capital’s objective to diversify revenue sources and increase scale of gain-on-sale businesses. Ready Capital is already the fourth largest originator of SBA 7 loans to small businesses…Madison One will operate as a subsidiary of Ready Capital using its current name and brand. Madison One’s entire team, led by Managing Directors Jason Bengert, Chris Balestrino and Servicing Director Lindsey Billings have joined the new subsidiary. The Madison One business line will be managed by ReadyCap Lending, reporting to Gary Taylor, ReadyCap Lending CEO.
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