CoreVest Announces New Rental Loan Product, Reaffirms Commitment to Market
CoreVest, the leading lender to residential real estate investors, has announced an expansion of its term loan program for investors in single-family rental properties. CoreVest will now offer a 7-year term to complement the company’s existing 5- and 10-year term loan options.
“After participating in the Freddie Mac rental finance pilot program, we realized investors wanted more options to suit their specific investment timelines. Adding the 7-year option will enable us to fully address the needs of investors who may have been considering a GSE loan and are looking for a comparable alternative,” relayed Ryan McBride, COO of CoreVest.
CoreVest has closed nearly $4 billion in investor loans and financed over 26,000 investment properties since 2014. The company helped create today’s rental loan market and recently worked with Freddie Mac in their seller servicer program and CoreVest’s CAFL 2017-2 securitization in which Freddie Mac guaranteed 80% of the issuance.
“The rental finance market continues to grow rapidly, in part because of the attention generated by the GSE rental finance pilot program. With the recent FHFA announcement, we have seen a meaningful influx of borrowers and brokers looking for private loan alternatives to finance rental portfolios,” added Beth O’Brien, CEO of CoreVest. “Given our scale and experience in the space, we are the natural alternative for investors. We pride ourselves on being flexible, timely and the lender that our customers can count on.”
“While we were proud to have offered a GSE alternative to our clients,” added McBride, “we continue to provide attractive conventional financing in the absence of the Freddie pilot program.”
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