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Monday Morning Cup of Coffee: Number of borrowers with refi incentive plummets

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In merger and acquisition news, CoreVest, a lender to residential real estate investor, announced it entered into an agreement to buy substantially all the loan assets of Black Square Real Estate, a finance company providing bridge and rehabilitation loans on non-owner occupied residential properties.

“We are very excited about the business and talent that is coming with this transaction,” CoreVest Founder and CEO Beth O’Brien said. “We are at a pivotal time in the short-term lending market where significant construction experience is a strong positive differentiator for lending partners. Black Square has that expertise.”

The Black Square team will now join CoreVest, including professionals in short-term lending and construction management oversight.

“Joining CoreVest is a great opportunity for our team to expand our footprint, offer additional products to our clients and be a part of the leading national private lender in the investor space,” said Shawn Whetten, who heads the Black Square Salt Lake City operations.

CoreVest will add the Salt Lake City office to its existing operations and anticipates further growth opportunities in that location.

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