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Redwood Trust acquires Riverbend Funding

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Corporate Governance
Wednesday, May 11, 2022

Redwood Trust, a specialty finance company that focuses on the areas of housing credit and investment, has announced it has entered into a definitive agreement to acquire private mortgage lender Riverbend Funding and its subsidiaries in an all-cash transaction. Redwood is acquiring Riverbend to complement its existing mortgage banking platform, CoreVest American Finance Lender.

“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,” Redwood CEO Chris Abate said. “Riverbend’s platform adds a complementary product and geographic footprint to CoreVest’s existing business. The market for bridge loans continues to be exceptionally strong, supported by increasing sales of newly constructed and rehabilitated homes amidst shrinking housing inventory. 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.”

Founded in 2017, Riverbend is a 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. Over the past 12 months, Riverbend has originated over $1 billion of loans across 33 states, with additional key markets targeted for future expansion. Riverbend’s executive leadership team plans to remain with the business following the completion of the transaction.

“We look forward to working together with Emilian, Sean and the talented team at Riverbend,” added Beth O’Brien, CEO of CoreVest. “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. The Riverbend team has also been very successful in distributing their loans efficiently through capital markets executions. 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.”

“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.”

The acquisition is expected to close in the second quarter of 2022, subject to customary closing conditions.

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