Mill Valley, California-based Redwood Trust has purchased CoreVest American Finance Lender LLC, a nationwide originator and portfolio manager of business-purpose residential loans (BPLs) and several of its affiliates from certain affiliates of Fortress Investment Group’s credit funds business and CoreVest Management Partners LLC.
“Our team has built an amazing platform and brand, and we’re poised to enter a new phase of growth by leveraging Redwood’s significant, permanent capital base and deep residential credit expertise,” said Beth O’Brien, CoreVest CEO. “Our clients will continue to experience our high level of service, but with an even greater commitment to delivering customized funding solutions at highly competitive rates.”
CoreVest was started in 2014 to address the unique financing needs of residential real estate investors and successfully built the business into the market leader, having funded over $4 billion in loans since inception. Collectively, the platform and assets will significantly expand Redwood’s presence in the BPL market.
Piper Jaffray & Co. served as the sole financial advisor to CoreVest and to the sellers.
