CoreVest Launches Short-Term Rental Product and Closes $12.4 Million Short-Term Rental Portfolio Loan in Charlotte, North Carolina
This announcement originally appeared on MarketWatch
CoreVest American Finance, LLC (“CoreVest”), a leading lender to residential real estate investors nationwide and division of Redwood Trust Inc., has announced the launch of a new loan product uniquely designed to meet the needs of its clients branching into short-term rentals. The inaugural loan was a 5-year, $12.4-million acquisition loan for a portfolio of 43 short-term rentals in Charlotte, North Carolina.
This portfolio of fully furnished luxury accommodations adjacent to Uptown Charlotte is a branded concept of short-term rentals known as The Home Collection, and is operated by Rabbu Property Management. All the properties are in desirable neighborhoods and provide a home away from home atmosphere with high-end amenities that serve Charlotte’s travel economy and local ecosystem.
Rich Ford, a principal of The Home Collection, stated, “I have had a long-standing relationship with CoreVest, who was at the forefront of developing financing needs for the single-family rental sector. As we looked to secure this first-of-a-kind financing, I had confidence CoreVest could deliver a product to suit this attractive short-stay opportunity.”
CoreVest strives to help real estate investors grow. The addition of the short-term rental loan product further serves that need. Loans can range from 5, 7 or 10 years and are non-recourse on portfolios of 5 or more rental properties.
According to CoreVest CEO, Beth O’Brien, “The market has yet to address the short-term rental strategy in a way that adequately serves the evolving needs of investors. Our clients are seeing increased opportunity in short-term rental, especially post-COVID-19. This product is a natural extension to other portfolio businesses we finance for them, and we look forward to rolling out this product more broadly to our clients.”
Micaela Lumpkin, Managing Director at CoreVest, added, “As leaders in the rental housing finance space, CoreVest provides competitive rates and certainty of close for investors across a wide range of operating strategies, and we are excited about the vast opportunities we are seeing in short-term rental housing.”
CoreVest, a division of Redwood Trust, is the leading lender to residential real estate investors nationwide. It offers long-term loans for portfolios of rental properties as well as short-term bridge loans, investment credit lines and build for rent programs. With more than $15 billion in loans closed and over 100,000 units financed, CoreVest offers attractive rates, rapid timelines and closing certainty. The company works directly with borrowers and brokers. For more information, visit www.corevestfinance.com.
About The Home Collection
The Home Collection owns, operates, and manages more than 40 fully furnished accommodations, centrally located within 2 miles of Uptown Charlotte, North Carolina, in the best neighborhoods in the city: Myers Park, Dilworth, Elizabeth and Cotswold. All residences are fully equipped and elegantly furnished, available for short or medium stays. Visit a home away from home in Charlotte: www.thehomecollectionclt.com.
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