Mother or father firm Redwood Belief closes deal to amass Portland, Oregon-based bridge mortgage supplier Riverbend Funding LLC.
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Redwood Belief Inc. subsidiary CoreVest is gearing as much as make extra bridge loans to buyers who rehab and flip single-family houses and multi-family properties, now that its father or mother firm has closed a deal to amass Portland, Oregon-based Riverbend Funding LLC and its subsidiaries.
Redwood plans to fold Riverbend’s operations and roughly 50 staff into its subsidiary, CoreVest American Finance Lender LLC, claiming to be the main lender to residential actual property buyers nationwide, with greater than $16 billion in loans closed and over 100,000 items financed so far.
Sean Robbins
Riverbend co-founders Emilian Halloran and Sean Robbins will proceed to steer the enterprise following the closing as managing administrators. Halloran and Robbins will oversee CoreVest’s single asset bridge mortgage product, which lets buyers buy new properties and fund rehab work by taking out a fixed-rate mortgage with a 12-month time period.

Emilian Halloran
“As we enter this subsequent stage of progress, we’re excited to accomplice with the devoted groups at Redwood and CoreVest,” Halloran stated in an announcement. “The sturdy capital base, environment friendly working platform, deep shopper community and in depth product set will permit us to scale our originations and financing efforts.”
In an April 28 investor presentation outlining the considering behind the deal, Redwood Belief stated the corporate views the marketplace for bridge loans as “more and more enticing,” with demand from buyers at an all-time excessive.

Beth O’Brien
“We proceed to be very enthusiastic in regards to the alternative for this platform inside our present CoreVest enterprise,” CoreVest CEO Beth O’Brien stated in saying the completion of the deal Tuesday.
Riverbend Funding mortgage originations
Supply: Redwood Belief investor presentation
Riverbend’s $280 million in first-quarter mortgage manufacturing put the corporate on monitor to originate greater than $1 billion in loans this yr, which might surpass the $798 million in originations the corporate achieved in 2021.
Whereas it’s lively in 33 states, almost three-quarters of Riverbend’s enterprise had been concentrated in three Western states. California accounted for 40 % of the corporate’s originations in the course of the 12 months ending March 31, adopted by Oregon (18 %) and Washington (13 %).
In its most up-to-date quarterly report to buyers, father or mother firm Redwood Belief stated it funded $415 million in bridge loans in the course of the three months ending March 31 and $505 million in single-family rental loans.
Redwood Belief additionally funds prime jumbo mortgages, buying loans from third-party originators that it securitizes on the market to buyers or holds in its personal funding portfolio. Throughout the first quarter, Redwood’s residential mortgage mortgage conduit locked $2.63 billion in loans, 65 % of which have been buy loans.
By its enterprise funding arm RWT Horizons, Redwood additionally invests in early-stage firms within the lending, actual property and monetary expertise sectors. RWT Horizons’ investments embrace Level, a shared fairness platform and EasyKnock, which purchases houses and leases them again to sellers.
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