Redwood Trust To Purchase CoreVest For $490M
Redwood Trust is expanding its real estate investor loan business with the recent acquisition of CoreVest American Finance Lender for a total of $490 million.
"Since its founding in 2014, CoreVest has funded more than $4 billion in loans, including more than $1.1 billion in 2019 so far. The company is also an experienced securitization issuer, having recently completed its ninth single-family rental securitization," according to HousingWire.
"Collectively, the platform and assets will significantly expand Redwood’s presence in the BPL market, furthering its position as a leading private-sector source of housing-market liquidity," Redwood Trust said in a release.
Redwood is also looking to broaden and diversify its revenue streams. In turn, the company will significantly expand its ability to create proprietary credit investments, according to the report.
"According to Redwood Trust, the acquisition includes the CoreVest operating platform and more than $900 million of related financial assets," according to HW.
To learn more about Redwood Trust's acquisition of CoreVest, click on the image above.
