Start Right and Grow Fast

Ready Capital Mortgage Investment Trust is a private mortgage lending company in Ontario, launched in February 2019. After just one year of operation, Ready Capital has about 15 million dollars under administration now. 

Unlike many private lenders who start running the business without proper automation in place, Ready Capital had the advantage of the highly experienced people behind the fund. They knew that automating their processes would be essential for the fund’s success, so choosing the software was the first order of business before the fund was officially launched, as Ron Cuadra, Director at Ready Capital, told us.

Ready Capital shares the team with the brokerage side of the business, and, as far as the team size goes, they are a lean operation. So the decision between operating manually or having a system in place was an easy one. In fact, if Ready Capital wasn’t supported by Mortgage Automator, they would need to hire at least two more people just to handle the same workload.

Right before Ron joined Ready Capital, they purchased another software to manage the fund. It was a big investment to begin with and a hefty monthly fee on top of that. When Ron evaluated that software, he came to the conclusion that it was cumbersome and tedious to operate, and didn’t really support their efficiency goals.

After watching a demo, Ron picked Mortgage Automator for being the most user-friendly option that would be easy to understand for the team members working with the software. Knowing that the software was initially built by a private lending company for their own use, Ron could see that the way the system was organized and its functionality came directly from lending experience.

Customization was another important aspect that supported Ready Capital’s choice. With Automator, they could get custom features created that would fit their specific processes perfectly, instead of having to deal with a one-size-fits-all type of solutions for funds available on the market.

Additionally, Ready Capital had a specific preference when it came to the look and the wording of their Commitments. It was an essential matter for them, and they were able to get it fully customized within Mortgage Automator. “It wasn’t a static ‘here’s the Commitment that’s generated and this is what you have to use’. So we were able to customize what we needed as far as the look and feel of the Commitment itself, along with all the other conditions that we wanted to appear there,” says Ron.

After a year of active usage, Mortgage Automator software is now managing the portfolio of Ready Capital’s mortgages and its investors. It keeps track of investors’ funds, generates quarterly statements for them, and handles the underwriting part of the process when it comes to Commitments.

Ready Capital grew fast within just a year. While this growth can be fully attributed to the professionals running the fund, it’s important to understand that automation is the much-needed fuel to keep on running. It removes practical limitations to your success and enables you to always aim higher.