CoreVest Announces Expansion of its Correspondent Channel for Business Purpose L**** with the Pricing of its Inaugural Bridge Loan Securitization
CoreVest American Finance, LLC (“CoreVest“) announced that it is expanding its business purpose loan correspondent channel after the pricing of CoreVest’s inaugural securitization of bridge l**** on transitional housing assets.
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The securitization, CAFL-2021-RTL1, had an initial principal balance of $270 million and represents interest in a pool of l**** secured by transitional single family, two to four family, multifamily, condominium and mixed-use properties. The borrower strategies include rental aggregation, fix and flip, and ground up construction of housing units. While the transaction represents CoreVest’s first securitization of residential transitional l****, it is the 18th issuance on the CAFL securitization shelf and had significant market support drawing from both CoreVest’s investor base for CAFL securitizations backed by single family rental l**** and new entrants to the space. Approximately 7.5% of the l**** were sourced through the third-party correspondent channel.
To support growth of the platform through third-party originators, CoreVest has hired Marc Heenan as Senior Vice President of Lender Partnerships to spearhead the enhanced effort. Marc joins CoreVest with over 20 years of finance and real estate experience, including the development of over 300 lender relationships for PeerStreet, a leading investment platform in the single-family rental and bridge lending market.
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“Marc has significant experience in the space and brings his considerable talents to CoreVest at a time when we are seeing increased demand for the Business Purpose Lending product in the capital markets,” said Christopher Hoeffel, CoreVest President. “The execution of CAFL-2021-RTL1 supports continued growth of the third-party origination channel to meet investor demand. We expect the acquired assets to be securitized along with CoreVest originated products both in the transitional loan business and in the 30-year stabilized DSCR loan business.”
Beth O’Brien, Chief Executive Officer of CoreVest, said about the expansion, “Marc is a proven business builder and CoreVest is an innovative market participant who since inception has opportunistically provided liquidity to third-party originators to complement its direct lending business. I am looking forward to seeing what Marc can accomplish expanding that channel with the full support of a market leading platform.”
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