IRVINE, Calif. and NEW YORK,– CoreVest, the leading lender to residential real estate investors, announced today that it recently surpassed $5 billion in closed loans and priced the company’s eighth and largest securitization transaction.
“We are very excited to reach the $5 billion milestone,” noted Beth O’Brien, Founder and CEO of CoreVest. “Our growth continues to accelerate as a result of strong performance from our core rental loan business as well significant increases in our bridge lending platform and other loan products.”
Over the last several quarters, CoreVest expanded its loan offerings significantly to meet the wide range of investor strategies. Recent product introductions include Build-to-Rent Complete, which provides a one-stop financing solution for investors that build and hold portfolios of new rental properties; additional bridge loan products for Multifamily properties; and a new 5/1 ARM loan to provide another alternative to finance individual rental properties.
“We continue to evolve our programs to meet the needs of the investor market,” commented Ryan McBride, COO of CoreVest. “We have proven ourselves to be the lender of choice for investors of all sizes — we have the flexibility and expertise to provide long and short-term loans across all property types and investment situations.”
One of the factors underpinning CoreVest’s rapid growth is the company’s robust access to capital. CoreVest recently announced its eighth securitization backed by 74 rental loans that are collateralized by a total of 2,509 properties. This transaction, CAFL 2019-1, is sized at approximately $317 million and priced on April 3rd.
As noted by Chris Hoeffel, CoreVest’s CFO, “We are thrilled with the continued strong support from fixed-income investors. Investors are very bullish on our single-family rental loan program as they are attracted to the strong portfolio cashflows, seasoned investor operators, and low leverage points.”
CoreVest is the leading specialty finance company that provides a range of innovative debt solutions to residential real estate investors. The company offers portfolio and single-property term loans for stabilized rental properties as well as short-term credit lines and bridge financing. Founded in 2014 as Colony American Finance, the company has since closed over $5 billion in loans and financed over 35,000 investment properties. Its products are tailor-made for the growing investor segment and feature attractive rates, rapid timelines and closing certainty. For more information, visit www.corevestfinance.com.