The addition of Riverbend complements Redwood's existing business purpose mortgage banking platform, CoreVest American Finance Lender, LLC ("CoreVest"), enhancing CoreVest's suite of products, geographic and production footprint, and client base. Stocks Features Premarket Trading After Hours Trading Market Movers 52-Week Highs & Lows Stock Order Imbalance Unusual Stock Volume Morning Report Company Events. ", "We look forward to working together with Emilian, Sean and the talented team at Riverbend," added Beth O'Brien, Chief Executive Officer of CoreVest. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window). Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust Inc. has completed the previously announced acquisition of Riverbend Funding LLC and its subsidiaries (Riverbend), a private mortgage lender to residential transitional and commercial real estate investors, in an all-cash transaction. Try For Free Buyer (S) 1 Buyer Redwood Trust The opportunity we see together is significant. How can mortgage brokers gain an advantage right now? Recent news: Redwood Trust, in collaboration with Oaktree Capital Management, launched a joint venture in June to invest in business purpose bridge loans originated by CoreVest American Finance . Riverbends experience will be additive to our existing business purpose mortgage banking platform and distribution capabilities as we continue to capture share in this growing market.. In . Over the last twelve months, Riverbend has originated over $1.0 billion of loans across 33 states, with additional key markets targeted for future expansion. "CoreVest shares these values and joining forces with CoreVest will help us provide greater financing options for our partners, drive overall productivity and enhance our efficiency. The acquisition complements RWT's existing business purpose mortgage banking platform CoreVest American Finance Lender enhancing its suite of products, geographic and production footprint and client base. Most mortgages in forbearance in March 2021 are either current now or closed: CFPB, How to take full advantage of the new appraisal options, A guide to optimizing client engagement and communication. Save my name, email, and website in this browser cookies for the next time I comment. Weitere Informationen darber, wie wir Ihre personenbezogenen Daten nutzen, finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Riverbend has originated over $1.0 billion of loans across 33 states. Forward-looking statements involve numerous risks and uncertainties. Our consolidated portfolio has evolved to incorporate a diverse mix of residential, business purpose and multifamily investments. There are currently 11,599 luxury homes for sale in Mallorca, Balearic Islands, Spain on JamesEdition. Co-founded in 2017 by Emilian Halloran, Sean Robbins and Brian Burke, Riverbend is a leading bridge lender providing financing to experienced real estate investors acquiring residential and multifamily transitional properties with plans to rehabilitate and sell, as well as to professional developers in multifamily properties. Riverbends platform adds a complementary product and geographic footprint to CoreVests existing business. The strong capital base, efficient operating platform, deep client network and extensive product set will allow us to scale our originations and financing efforts., We continue to be very enthusiastic about the opportunity for this platform within our existing CoreVest business, added Beth OBrien, CEO of CoreVest. Market Action Lists . Redwood Trust, Inc., a leader in expanding access to housing for homebuyers and renters, today announced that it has completed the previously announced acquisition. Riverbend has over 50 employees and is headquartered in Portland, Oregon. Acquisition Provides Further Scale to CoreVest's Market Leading Position in Business Purpose Lending Redwood Trust, Inc. (NYSE: RWT; 'Redwood' or the 'Company'), a leader in expanding access to housi. CoreVest, a division of Redwood Trust, Inc., is the leading lender to residential real estate investors nationwide. Additionally, through RWT Horizons, our venture investing initiative, we invest in early-stage companies strategically aligned with our business across the lending, real estate, and financial technology sectors to drive innovations across our residential and business-purpose lending platforms. July 5, 2022 - 7:30 am. Copyright 2023 Surperformance. Redwood Trust Buys Riverbend Lending As Planned. ", "Since inception, Riverbend has been committed to providing innovative lending options, putting our borrower needs first and closing on deals with service and speed," said Sean Robbins, Co-founder of Riverbend. 2006-2023 HW Media, LLC. The opportunity we see together is significant. CoreVest American Finance Lender LLC is the lender to residential real estate investors, nationwide. The opportunity we see together is significant. | December 30, 2022 Riverbend Lending was acquired by Redwood Trust on April 28, 2022 Financial Services Company Out of 60 sectors in the Mergr database, financial services ranked 10 in number of deals in 2022. For more information, visit www.corevestfinance.com. All rights reserved. Nyse The Riverbend team has also been very successful in distributing their loans efficiently through capital markets executions. Your email address will not be published. It is focused on engaging in residential and commercial mortgage banking activities and investing in mortgage- and other real estate-related assets. This press release features multimedia. Riverbends executive leadership team plans to remain with the business following the completion of the transaction. Riverbend's experience will be additive to our existing business purpose mortgage banking platform and distribution capabilities as we continue to capture share in this growing market. April 29, 2022 0 Christopher Abate website maker Redwood Trust Inc. has entered into a definitive agreement to acquire Riverbend Funding LLC and its subsidiaries, a private mortgage lender to residential transitional and commercial real estate investors. Acquisition Provides Further Scale to CoreVest's Market Leading Position in Business Purpose Lending. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2021 under the caption "Risk Factors." This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to Redwood's expectations with respect to the closing of its acquisition of Riverbend, Riverbend's integration into the Redwood and CoreVest businesses, and subsequent performance of the combined companies and lending markets in general. We are thrilled to announce the acquisition of Riverbend, further demonstrating our commitment to strategically growing our mortgage banking platforms in a manner that benefits our partners, says Chris Abate, CEO of Redwood. Riverbend was advised by Piper Sandler. Business Purpose Mortgage Banking Funded $923 million in business purpose loans, essentially flat with first quarter 2022 fundings Second quarter fundings included $561 million of bridge loans. August 1, 2022. . For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn, Twitter, or Facebook. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Starwood Capital Group is nearing an agreement to sell a portfolio of rental houses to Invitation Homes for about $800 million, sources told Bloomberg. Riverbend offers financing to veteran real estate investors who acquire residential and multifamily transitional properties with plans to renovate and sell them. We operate our business in three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking and Investment Portfolio. 5, 2022 - Redwood Trust Completes Previously Announced Acquisition of Riverbend Lending. We also use them to share usage information with our partners. The addition of Riverbend complements Redwoods existing business purpose mortgage banking platform, CoreVest American Finance Lender LLC. The acquisition is expected to close in the second quarter of 2022, subject to customary closing conditions. (2022-07-05 | NYSE:RWT) Redwood Trust Completes Previously Announced Acquisition of Riverbend Lending. If you have an ad-blocker enabled you may be blocked from proceeding. With more than $16 billion in loans closed and over 100,000 units financed, CoreVest offers attractive rates, rapid timelines and closing certainty. April 28, 2022 - 4:20 pm. Alston & Bird represented Ready Capital Corporation, a New Yorkbased multistrategy real estate finance company, in its $787 million acquisition of Broadmark Realty Capital, a Washington-based company specializing in owning, developing, and managing real estate properties. Riverbend Lending was founded in 2017 and is based in Lake Oswego, Oregon. Riverbend employees and operations will be integrated into CoreVest. This is Redwood Trusts 1st transaction in Oregon. This press release features multimedia. It is not authorized to accept deposits . JamesEdition can help you find the home that match all the preferences for your dream home. Acquisition Provides Further Scale to CoreVest's Market Leading Position in Business Purpose Lending. Employee Benefits & Executive Compensation. You can email the site owner to let them know you were blocked. View the full release here: https://www.businesswire.com/news/home/20220428005915/en/. We look forward to continuing to deliver high quality execution to our new and existing clients and growing our market share with our broad product set., Our daily newsletter is FREE and keeps you up to date with the world of mortgage. by Matt Carter July 05, 2022 SHARE Share this. Cookies are used to offer you a better browsing experience and to analyze our traffic. Redwood's Acquisition of Riverbend Lending . Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. This is Redwood Trusts 3rd transaction in the Financial Services sector. Redwood Trust Completes Previously Announced Acquisition of Riverbend Lending (Business Wire) Jun-29-22 04:33PM CoreVest Completes $313 Million Single-Family Rental Securitization (Business Wire) Jun-27-22 04:30PM . The addition of Riverbend complements Redwood's existing business purpose mortgage banking platform, CoreVest American Finance Lender LLC. Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. What are housing leaders doing that youre not? Sep 15, 2021. By continuing to use our service, you agree to our use of cookies. Feb 9, 2022. The company works directly with borrowers and brokers. Add to Watchlist Create Alerts. This acquisition enhances our scale in this market and we believe that our existing partners will benefit from the products, experience, and strategic lift that Riverbend brings to CoreVest. of Operations (form 10-Q), Piper Sandler Adjusts Price Target on Redwood Trust to $7 From $8.50, Maintains Overweight Rating, Keefe, Bruyette & Woods Trims Price Target on Redwood Trust to $7 From $8, Maintains Outperform Rating, Redwood Trust, Inc. The market for bridge loans continues to be exceptionally strong, supported by increasing sales of newly constructed and rehabilitated homes amidst shrinking housing inventory. MILL VALLEY, Calif.-- (BUSINESS WIRE)-- Redwood Trust, Inc. (NYSE: RWT; "Redwood" or the "Company"), a leader in expanding access to housing for homebuyers and renters, today announced that it has completed the previously announced acquisition of Riverbend Funding, LLC and its subsidiaries ("Riverbend"), a best-in-class private mortgage lender t. Vista Bancshares to Acquire Charis Holdings. Riverbend Lending is a private money lender partner with a national footprint and local expertise. Our management team has a proven track record with a combined funded portfolio of over $1.5 billion in single and multi-family loans across the United States. Hospital Sant Joan de Du de Palma (Majorca - Spain) is the reference centre of the national health system of the Balearic islands, partly thanks to its service portfolio. Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit. The addition of Riverbend complements Redwoods existing business purpose mortgage banking platform, CoreVest American Finance Lender LLC. USD . Click to reveal Redwood Trust Increases Lending Capabilities with Completed Riverbend Acquisition. JMP Securities, A Citizens Company, served as exclusive financial advisor to Redwood in connection with the transaction. We look forward to working together and executing on our shared vision of providing best-in-class financing, service and products to our borrowers., Redwood Trust Acquires Riverbend Lending to Integrate into CoreVest. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. RWT Redwood Trust Inc Redwood Trust Announces Strategic Acquisition of Riverbend Lending. Following the close of the acquisition, Riverbend will be integrated into CoreVest. Instrument Name Redwood Trust Instrument Symbol (RWT-N) Instrument Exchange NYSE. Over the last 12 months, Riverbend [founded in 2017] has originated over $1.0 billion of loans across 33 states, with additional key markets targeted for future expansion, states theApril announcementdetailing the acquisition deal then still in motion. With more than $6 billion in closed loans and 40,000 units financed, CoreVest offers attractive rates, rapid timelines, and closing certainty. CoreVest works directly with borrowers, brokers and correspondent partners. Riverbend's executive leadership team plans to remain with the business following the completion of the transaction. Redwood Trust, Inc.(NYSE: RWT; Redwood or the Company), a leader in expanding access to housing for homebuyers and renters, today announced that it has entered into a definitive agreement to acquire Riverbend Funding, LLC and its subsidiaries (Riverbend), a best-in-class private mortgage lender to residential transitional and commercial real estate investors, in an all cash transaction. Riverbends platform adds a complementary product and geographic footprint to CoreVests existing business. MILL VALLEY, Calif.-- (BUSINESS WIRE)-- Redwood Trust, Inc. (NYSE: RWT; "Redwood" or the "Company"), a leader in expanding access to housing for homebuyers and renters, today announced that it has entered into a definitive agreement to acquire Riverbend Funding, LLC and its subsidiaries ("Riverbend"), a best-in-class private mortgage lender to r. As we described when we announced the acquisition of Riverbend, we also continue to believe, especially amidst this higher rate environment, that our investment portfolio and operating revenues will further benefit from Riverbends bridge product and fee-based revenues, said Christopher Abate, CEO of Redwood. Investor Presentation - October 2021 . The Cathedral, the Almudaina Palace, the Lonja fish market and Plaza Mayor are some of the sites that are well worth visiting. 2023 Benzinga.com. In particular, the Riverbend platform adds single asset bridge origination and distribution to CoreVests existing product offering. Balearic Health Service. Investor Presentation - February 2022 . Redwood Trust, Inc. RWT is a specialty finance company focused on several distinct areas of housing credit. This acquisition enhances our scale in this market, and we believe that our existing partners will benefit from the products, experience and strategic lift that Riverbend brings to CoreVest.. Redwood Trust is a leading participant in several distinct areas of housing credit. The market for bridge loans continues to be exceptionally strong, supported by increasing sales of newly constructed and rehabilitated homes amidst shrinking housing inventory. As we enter this next stage of growth, we are excited to partner with the dedicated teams at Redwood and CoreVest, said Halloran. The largest financial services acquisition in 2022 was Kensington Mortgage - which was acquired by Barclays Bank UK for $3.5B. Invesco Fund Offers Access to Private Real Estate Credit, Fifth Fannie Mae CAS REMIC Deal Priced at $738 Million, NewDay USA Lauded for Tough Data Security Measures, Pending Home Sales Dipped in May But Housing Market Remains Resilient, New Home Sales Jumped in April as Buyer Demand Remains Strong, Maxwell Acquires LenderSelect Mortgage Group, Mortgage Applications Jump as Rates Dip and Fed Indicates Easing, Case-Shiller: U.S. Home Prices Increased in February Following Seven Straight Months, LOs Must Establish Strong Customer Relationships Right From the Start. Riverbend has over 50 employees and is headquartered in Portland, Oregon. Riverbends executive leadership team plans to remain with the business following the completion of the transaction.. The most beautiful monuments are surrounded by fishing boats, pine forests and palm trees. "Redwood" or the "Company"))), a leader in expanding access to housing for homebuyers and renters, today announced that it has entered into a definitive agreement to acquire Riverbend Funding,. "Riverbend's platform adds a complementary product and geographic footprint to CoreVest's existing business. Save my name, email, and website in this browser cookies for the next time I comment. 7 Partners & Customers 2 About Redwood Trust Redwood Trust is an internally-managed specialty finance company. Try For Free Our management team has a proven track record with a combined funded portfolio of over $1.5 billion in single and multi-family loans across the United States. We are excited to announce the close of this acquisition and formally welcome the Riverbend team, said Christopher Abate, CEO of Redwood. JMP Securities served as exclusive financial advisor to Mill Valley, California-based Redwood for the transaction. Cookies are used to offer you a better browsing experience and to analyze our traffic. CoreVest shares these values and joining forces with CoreVest will help us provide greater financing options for our partners, drive overall productivity and enhance our efficiency. Real-Time Last Update Last Sale Cboe BZX Real-Time. We look forward to working together with Emilian, Sean and the talented team at Riverbend, adds Beth OBrien, CEO of CoreVest. Redwood Trust, Inc. (NYSE: RWT; "Redwood" or the "Company"), a leader in expanding access to housing for homebuyers and renters, today announced that it has entered into a definitive agreement to acquire Riverbend Funding, LLC and its subsidiaries ("Riverbend"), a best-in-class private mortgage lender to residential transitional and commercial real estate investors, in an all cash transaction. Its segments include Residential Mortgage Banking, Business Purpose Mortgage Banking and Investment Portfolio. Acquisition Provides Further Scale to CoreVest's Market Leading Position in Business Purpose Lending Redwood Trust, Inc. (NYSE:RWT, "Redwood" or the "Company")), a leader in expanding access to . The market for bridge loans continues to be exceptionally strong, supported by increasing sales of newly constructed and rehabilitated homes amidst shrinking housing inventory. It expands company's market position in business purpose lending. 7-Day Free Trial. The acquisition is expected to close in the second quarter of 2022, subject to customary closing conditions. This acquisition enhances our scale in this market and we believe that our existing partners will benefit from the products, experience, and strategic lift that Riverbend brings to CoreVest., We look forward to working together with Emilian, Sean and the talented team at Riverbend, added Beth OBrien, Chief Executive Officer of CoreVest. Following the close of the acquisition, Riverbend will be integrated into CoreVest. July 5, 2022, 12:59 pm By Bill Conroy Specialty finance company Redwood Trust Inc. has completed its acquisition of bridge lender Riverbend Funding LLC, which has a funded portfolio of more. MILL VALLEY, Calif., April 28, 2022--Redwood Trust Announces Strategic Acquisition of Riverbend Lending The acquisition complements RWT's existing. How do you transition from QC defense to offense? "Riverbend adds a first-class origination team with a track record of high-touch service and attractive funding times as well as seasoned experience in underwriting and sourcing. Found a factual error? All rights reserved. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken. Overview News & Events Presentations Financial Info Dividends Stock Data SEC Filings Governance Resources All Years All Releases Search News Jun 12, 2023 4:15pm EDT Redwood Trust and Oaktree Announce Joint Venture to Invest in Business Purpose Bridge Loans Apr 27, 2023 4:15pm EDT Redwood Trust Reports First Quarter 2023 Financial Results Redwood Trust's Acquisition of Riverbend Lending May 13, 2022 Martina Bellini Tagged: Alston & Bird LLP Anna Chong Blake MacKay Brett Coburn Brian Harvel David Brown David Teske Jordan Jensen Kerry Wenzel Michael Kessler Patrick Hanchey Riverbend Lending Riverbend Lending Lake Oswego, Oregon, United States website Riverbend Lending is a private money lender partner with a national footprint and local expertise. (2022-04-28 | NYSE:RWT) Redwood Trust Announces Strategic Acquisition of Riverbend Lending. 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. Report here. MILL VALLEY, Calif. Redwood Trust, Inc. (NYSE: RWT; "Redwood" or the "Company"), a leader in expanding access to housing for homebuyers and renters, today announced that it has completed the previously announced acquisition of Riverbend Funding, LLC and its . Invesco Fund Offers Access to Private Real Estate Credit, Fifth Fannie Mae CAS REMIC Deal Priced at $738 Million, NewDay USA Lauded for Tough Data Security Measures, Pending Home Sales Dipped in May But Housing Market Remains Resilient, New Home Sales Jumped in April as Buyer Demand Remains Strong, Maxwell Acquires LenderSelect Mortgage Group, Mortgage Applications Jump as Rates Dip and Fed Indicates Easing, Case-Shiller: U.S. Home Prices Increased in February Following Seven Straight Months, LOs Must Establish Strong Customer Relationships Right From the Start, DocMagic, Finastra Pair Up to Accelerate Mortgage Closings. Rajesh Tamada. Institutional real estate investors gobbled up record amounts of inventory in almost every corner of the pandemic-induced fever dream that was the 2021 housing market, with one notable exception: distressed properties sold at foreclosure auction. MILL VALLEY, Calif.- ( BUSINESS WIRE )- Redwood Trust, a leader in expanding access to housing for homebuyers and renters, today announced that it has completed the previously announced acquisition of Riverbend Funding and its subsidiaries, a best-in-class private mortgage lender to residential transitional and commercial real estate investors, . We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms; whole-loan distribution activities; and our publicly traded shares. The company . Mayer Brown LLP acted as legal advisor to Redwood. In particular, Riverbend will expand CoreVests reach by adding single-asset bridge origination and distribution channels to CoreVests existing product offerings.
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