CoreVest Gearing Up To Make More Bridge Loans to F…

CoreVest Gearing Up To Make More Bridge Loans to F…


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CoreVest Gearing Up To Make More Bridge Loans to F…

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

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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…