ReadyCap Lending has acquired CIT Small Business Lending from its parent CIT Group, including $1.3 billion in servicing rights on loans guaranteed by the U.S. Small Business Administration.

The acquisition will enable ReadyCap to provide commercial real estate-secured financing, including conventional real estate first lien, bridge and SBA 7(a) loan products, according to a Thursday press release. ReadyCap is also acquiring one of the 14 nonbank SBA licenses previously authorized by the SBA and will license the rights to use certain CIT origination and servicing systems.

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