Now a top private lender to residential real estate investors across the U.S., CoreVest recently surpassed a whopping $5 billion in closed loans.
CoreVest has significantly expanded its loan offerings over the last year, helping to serve a growing client base with a wide range of real estate strategies, said Beth O’Brien, founder and CEO of CoreVest.
“We are very excited to reach the $5 billion milestone,” O’Brien said. “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.”
Among its recent changes, CoreVest introduced its Build-to-Rent Complete, which provides a comprehensive financing solution for investors that build and hold portfolios of new rental properties. Based in Irvine, Calif., CoreVest also rolled out additional bridge loan products for Multifamily properties and a new 5/1 adjustable-rate mortgage loan to provide alternatives to finance individual rental properties.
CoreVest is also rapidly growing thanks in part to its substantial access to capital, the company said. For instance, CoreVest recently announced its eighth securitization transaction — backed by 74 rental loans collateralized by 2,509 properties — that’s valued at roughly $317 million.
New offerings and such hefty capital access position the company for sustained growth in the future, said Ryan McBride, COO of CoreVest.
“We continue to evolve our programs to meet the needs of the investor market,” McBride said. “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.”
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 cash flows, seasoned investor-operators, and low leverage points.”
Founded in 2014, CoreVest offers portfolio and single-property term loans for stabilized rental properties as well as short-term credit lines and bridge financing. In less than five years, the company has closed over $5 billion in loans and financed over 35,000 investment properties.