In recent North Shore Systems client news, Ready Capital Corporation announced a merger with Broadmark Reality Capital Inc. back in February of 2023. Essentially, Ready Capital is “a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans”. Meanwhile, Broadmark Reality Capital Inc. is “a specialty real estate finance company that specializes in originating and servicing residential and commercial loans”. For the full press release on how Ready Capital acquired Broadmark, read here.
Once Ready Capital acquired Broadmark, North Shore Systems began helping facilitate the onboarding of Broadmark’s loans by configuring the new necessary Program Types. Likewise, NSS helped convert all of the existing data available to Broadmark into North Shore’s Origination and Asset Management modules. This was done in line with the structures and data that Ready Capital already had in place. Since the merge of Ready Capital and Broadmark, the North Shore Systems team has been meeting weekly with the previous Broadmark employees to go over the vast aspects of the North Shore platform in order to get the team up to speed with the the system. We are already working on releasing new Service Request Types to support Broadmark’s activity. We are looking forward to continuing to expand the system to meet Ready Capital’s growing needs in the future.