CoreVest Expands Multifamily Bridge Lending Program
IRVINE, Calif. and NEW YORK, May 14, 2018 /PRNewswire/ — CoreVest, the leading lender to residential real estate investors, has announced the expansion of its bridge lending platform to include large format multifamily properties.
In response to customer demand, CoreVest is now offering both credit line and single asset bridge loans to finance multifamily properties up to 150 units. Similar to existing bridge loan offerings, CoreVest will offer this program across the US and loan sizes can range from $250,000 to over $25 million. Loans can be used for both purchase and refinancing, and rehab funding options are available as well.
“This is a logical extension of our business,” said Ryan McBride, Chief Operating Officer of CoreVest. “We have financed multifamily properties for years. Expanding the unit count for these properties will enable us to better serve investors that require flexible bridge financing options for larger projects.”
CoreVest has already financed several large multifamily properties under the expanded program. In one recent transaction, CoreVest financed over 700 units across 18 multifamily properties located in Florida. In another, CoreVest financed a single property in Newark, NJ with 18 units that entailed a complete gut rehab with construction draws.
“We provide loan products to investors across a range of asset types and timeframes. Whether it’s bridge financing for large multifamily projects, long-term loans for single family rentals, or Freddie Mac loans, we offer borrowers attractive financing solutions,” added Beth O’Brien, CoreVest’s Chief Executive Officer. “Regardless of the product, we pride ourselves on being flexible, timely and the lender that our customers can grow with.”
CoreVest has closed more than $3.5 billion in investor loans and financed over 25,000 investment properties since 2014.
View the full Press Release Here.