• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

CoreVest Gearing Up To Make More Bridge Loans to Flippers

July 5, 2022
in Real Estate
0
CoreVest Gearing Up To Make More Bridge Loans to Flippers
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter


Parent company Redwood Trust closes deal to acquire Portland, Oregon-based bridge loan provider Riverbend Funding LLC.

In a shifting real estate market, the guidance and expertise that Inman imparts are never more valuable. Whether at our events, or with our daily news coverage and how-to journalism, we’re here to help you build your business, adopt the right tools — and make money. Join us in person in Las Vegas at Connect, and utilize your Select subscription for all the information you need to make the right decisions. When the waters get choppy, trust Inman to help you navigate.

Redwood Trust Inc. subsidiary CoreVest is gearing up to make more bridge loans to investors who rehab and flip single-family homes and multi-family properties, now that its parent company has closed a deal to acquire Portland, Oregon-based Riverbend Funding LLC and its subsidiaries.

Redwood plans to fold Riverbend’s operations and roughly 50 employees into its subsidiary, CoreVest American Finance Lender LLC, claiming to be the leading lender to residential real estate investors nationwide, with more than $16 billion in loans closed and over 100,000 units financed to date.

Sean Robbins

Riverbend co-founders Emilian Halloran and Sean Robbins will continue to lead the business following the closing as managing directors. Halloran and Robbins will oversee CoreVest’s single asset bridge loan product, which lets investors purchase new properties and fund rehab work by taking out a fixed-rate loan with a 12-month term.

Emilian Halloran

“As we enter this next stage of growth, we are excited to partner with the dedicated teams at Redwood and CoreVest,” Halloran said in a statement. “The strong capital base, efficient operating platform, deep client network and extensive product set will allow us to scale our originations and financing efforts.”

In an April 28 investor presentation outlining the thinking behind the deal, Redwood Trust said the company views the market for bridge loans as “increasingly attractive,” with demand from investors at an all-time high.

Beth O’Brien

“We continue to be very enthusiastic about the opportunity for this platform within our existing CoreVest business,” CoreVest CEO Beth O’Brien said in announcing the completion of the deal Tuesday.

Riverbend Funding loan originations

Source: Redwood Trust investor presentation

Riverbend’s $280 million in first-quarter loan production put the company on track to originate more than $1 billion in loans this year, which would surpass the $798 million in originations the company achieved in 2021.

While it’s active in 33 states, nearly three-quarters of Riverbend’s business had been concentrated in three Western states. California accounted for 40 percent of the company’s originations during the 12 months ending March 31, followed by Oregon (18 percent) and Washington (13 percent).

In its most recent quarterly report to investors, parent company Redwood Trust said it funded $415 million in bridge loans during the three months ending March 31 and $505 million in single-family rental loans.

Redwood Trust also funds prime jumbo mortgages, acquiring loans from third-party originators that it securitizes for sale to investors or holds in its own investment portfolio. During the first quarter, Redwood’s residential mortgage loan conduit locked $2.63 billion in loans, 65 percent of which were purchase loans.

Through its venture funding arm RWT Horizons, Redwood also invests in early-stage companies in the lending, real estate and financial technology sectors. RWT Horizons’ investments include Point, a shared equity platform and EasyKnock, which purchases homes and leases them back to sellers.

Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter



Tags: BridgeCoreVestFlippersgearingLoans
Previous Post

Teaching Portfolio Examples To Showcase Your Talents

Next Post

‘Fire of Love’ review: Science, volcanoes and romance erupt

Related Posts

Working Towards Time Freedom “In the Trees” with 3 Treehouse Rentals
Real Estate

Working Towards Time Freedom “In the Trees” with 3 Treehouse Rentals

As an entrepreneur trying to...

Read more
KW Style to Design, Relocation, and Wealth Communities Launch to Amplify Real Estate Agent Business Growth
Real Estate

KW Style to Design, Relocation, and Wealth Communities Launch to Amplify Real Estate Agent Business Growth

In support of proven and...

Read more
Need Advice – Brand New Construction Flooded 4 Days Before Final Walkthrough and Closing : RealEstate
Real Estate

Need Advice – Brand New Construction Flooded 4 Days Before Final Walkthrough and Closing : RealEstate

Background: Expected to close on...

Read more
Opendoor Is In $62M Worth Of Legal Trouble: The Real Word
Real Estate

Opendoor Is In $62M Worth Of Legal Trouble: The Real Word

In a shifting real estate...

Read more
Will Borrowing Money from Family Ruin Your Real Estate Deal?
Real Estate

Will Borrowing Money from Family Ruin Your Real Estate Deal?

Should you borrow money from...

Read more
Load More
Next Post
‘Fire of Love’ review: Science, volcanoes and romance erupt

'Fire of Love' review: Science, volcanoes and romance erupt

  • Trending
  • Comments
  • Latest
Epic Systems campus, a fantasyland of gardens and architecture, Part 1

Epic Systems campus, a fantasyland of gardens and architecture, Part 1

Six times actors really romped in sex scenes that make 365 DNI look tame

Six times actors really romped in sex scenes that make 365 DNI look tame

How old is Simon Cowell’s son Eric and who is his mother?

How old is Simon Cowell’s son Eric and who is his mother?

Model dazzles in swimwear but shoppers moan they can see ‘everything but bikini’

Model dazzles in swimwear but shoppers moan they can see ‘everything but bikini’

Manchester Airport passengers crawl through baggage conveyor belts

Manchester Airport passengers crawl through baggage conveyor belts

Every Mac (and PC) user needs this utility

Every Mac (and PC) user needs this utility

Cult of the Lamb Review – Follow The Leader

Pirates 2B Drops Phone Out of Pocket During Slide Into Third (Video)

Pirates 2B Drops Phone Out of Pocket During Slide Into Third (Video)

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Manchester Airport passengers crawl through baggage conveyor belts

Manchester Airport passengers crawl through baggage conveyor belts

Every Mac (and PC) user needs this utility

Every Mac (and PC) user needs this utility

Manchester Airport passengers crawl through baggage conveyor belts

Manchester Airport passengers crawl through baggage conveyor belts

Every Mac (and PC) user needs this utility

Every Mac (and PC) user needs this utility

Cult of the Lamb Review – Follow The Leader

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist