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Specialty finance company Redwood Trust Inc.<\/strong> has completed its acquisition of bridge lender Riverbend Funding LLC<\/strong>, which has a funded portfolio of more than\u00a0$1.5 billion<\/a>\u00a0single-family and multifamily loans nationwide.<\/p>\n The acquisition of Portland, Oregon-based Riverbend and its subsidiaries, announced originally in late April, is expected to fit in well with Redwood\u2019s existing business-purpose lending platform, CoreVest<\/strong>. Redwood executives say Riverbend will be integrated into CoreVest.<\/p>\n CoreVest<\/a>\u00a0provides financing to real estate investors across the country and as of late June boasted more than $15 billion in loans closed and some 125,000 units financed, according to the lender.<\/p>\n In particular, Riverbend will expand CoreVest\u2019s reach by adding single-asset bridge origination and distribution channels to CoreVest\u2019s existing product offerings.<\/p>\n \u201cAs 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 Riverbend\u2019s bridge product and fee-based revenues,\u201d said Christopher Abate, CEO of Redwood.<\/p>\n Sean Robbins, co-founder of Riverbend, said \u201cjoining forces with CoreVest will help us provide greater financing options for our partners, drive overall productivity and enhance our efficiency.\u201d<\/p>\n \u201cOver 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,\u201d states the\u00a0April announcement<\/a>\u00a0detailing the acquisition deal then still in motion. \u201cRiverbend\u2019s executive leadership team plans to remain with the business following the completion of the transaction.\u201d<\/p>\n Riverbend offers financing to veteran real estate investors who acquire residential and multifamily transitional properties with plans to renovate and sell them. It also serves professional developers of multifamily properties. The company employs more than 50 people.<\/p>\n \u201cRiverbend complements Redwood\u2019s existing business-purpose mortgage banking platform, CoreVest, \u2026 enhancing CoreVest\u2019s suite of products, geographic and production footprint, and client base,\u201d the original announcement of the acquisition states.<\/p>\n The financial terms of the deal were not disclosed. JMP Securities <\/strong>served as exclusive financial advisor to Mill Valley, California-based Redwood for the transaction.<\/p>\n The post Redwood Trust finalizes acquisition of lender Riverbend\u00a0<\/a> appeared first on HousingWire<\/a>.<\/p>\n