Redwood Trust to acquire business purpose lender Riverbend Funding

Redwood acquired CoreVest in 2019, including over $900 million of related financial assets, business-purpose loan portfolio and subordinate bonds from CoreVest-backed securitizations. Riverbend will be integrated into CoreVest after the transaction is closed.

Abate added that the deal, which remains subject to customary closing conditions, “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.”

According to Redwood, Riverbend, which caters to real estate investors acquiring residential and multifamily transitional properties, has originated over $1 billion of loans in 33 states over the past 12 months. Riverbend’s executive team plans to remain with Redwood following the completion of the acquisition.

“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.

“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 opportunity we see together is significant. We look forward to working together and executing on our shared vision of providing best-in-class financing, service and products to our borrowers.”