CoreVest Commercial Mortgage Special Servicer Ranking Confirmed from DBRS Morningstar
NEW YORK, July 26, 2023--(BUSINESS WIRE)--CoreVest American Finance Lender, LLC ("CoreVest", the "Company"), a leading lender to residential real estate investors nationwide and a division of Redwood Trust, Inc. ("Redwood Trust"), announced today that DBRS Morningstar confirmed the Company’s MOR CS3 commercial mortgage special servicer ranking which had been initially assigned in June 2022. The rating further acknowledges CoreVest's successful performance in loan management. DBRS Morningstar highlights that CoreVest has an "experienced professional" asset management team and "solid track record and expertise overseeing permanent and transitional (bridge) small-to-midsize income-producing residential loans and real estate involving single-family rental (SFR) and multifamily housing."
"We are very pleased to again receive this ranking from DBRS Morningstar for our special servicing capabilities," said Dash Robinson, President of Redwood Trust. "CoreVest prides itself on the strength, dedication and performance of our special servicing platform and our value-add in overseeing a diverse portfolio of business purpose loans. As markets evolve, the role of asset management is increasingly important, and we continue to hold ourselves to the highest standards of reliable service and performance."
About CoreVest
CoreVest, a division of Redwood Trust, Inc. ("Redwood Trust"), is the leading lender to residential real estate investors nationwide. It offers long-term loans for rental properties as well as short-term bridge loans, fix-and-flip credit lines and build for rent programs. With more than $20 billion in loans closed and nearly 150,000 units financed, CoreVest offers attractive rates, rapid timelines and closing certainty. The company works directly with borrowers and brokers. For more information, visit corevestfinance.com.
About Redwood
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit. 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. 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. Our aggregation, origination and investment activities have evolved to incorporate a diverse mix of residential, business purpose and multifamily assets. 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. We operate our business in three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking and Investment Portfolio. 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. Since going public in 1994, we have managed our business through several cycles, built a track record of innovation, and established a best-in-class reputation for service and a common-sense approach to credit investing. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230726059878/en/
Contacts
Media Contact
Tuan Pham
949.344.7884
tuan.pham@cvest.com
