Leading lending solution provider completes
acquisition to fuel growth
FORT
LAUDERDALE, Fla., May 18, 2023
/PRNewswire/ -- iBusiness Funding, LLC, a leading provider of
innovative lending solutions like LenderAI and Lending as a Service
(LaaS), today announced the acquisition of select non-SBA assets
and talent from Fountainhead SBF LLC. This strategic acquisition is
part of iBusiness Funding's ongoing commitment to deliver a broader
range of financial solutions to its growing customer base.
The acquired assets from Fountainhead will enhance iBusiness
Funding's ability to provide a comprehensive suite of financial
solutions. The acquired team from Fountainhead brings a wealth of
industry expertise that will be instrumental in the company's
continued growth and expansion.
"We are thrilled to welcome the Fountainhead team to iBusiness
Funding," said Justin Levy, CEO at
iBusiness Funding. "Their expertise, combined with our robust LaaS
product, will enable us to provide more diversified and
sophisticated lending solutions to our clients. This acquisition
aligns perfectly with our growth strategy and our commitment to
delivering exceptional service to our clients."
As a result of the acquisition, iBusiness Funding plans to
leverage the acquired team's expertise to continue growing its LaaS
business and expand into new areas including general partner
lending, construction loans, and multi-draw lending. This
acquisition will also enable iBusiness Funding to relaunch its SBA
micro and express loan programs supported by their proprietary SBx
approval model, providing small businesses with more accessible and
flexible loan options.
"We're excited about the opportunities this acquisition brings
to our clients and our team," added Mr. Levy. "With the combined
expertise of our teams and the expanded product offerings, we're
poised to help more businesses grow and succeed."
iBusiness Funding is a wholly owned subsidiary of Ready Capital
(NYSE:RC)
About iBusiness Funding, LLC
iBusiness Funding is a leading provider of lending solutions for
banks and lenders of all sizes with a specialization in SBA
lending. The company offers a range of products and services
designed with a core mission to streamline the business lending
process to get efficient capital into the hands of small and
medium-sized businesses. iBusiness Funding originates and services
loans from $5,000 up to $5,000,000 and sees over 1,000 business loan
applications through its platform daily. For more information,
visit www.ibusinessfunding.com
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real
estate finance company that originates, acquires, finances and
services small to medium 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 over 600 professionals
nationwide. The company is externally managed and advised by
Waterfall Asset Management, LLC.
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SOURCE iBusiness Funding