MILL VALLEY, Calif.,
Nov. 22, 2019 /PRNewswire/
-- Redwood Trust, Inc. (NYSE: RWT) today announced
it closed its first securitization backed by single-family rental
(SFR) loans since its October
15th acquisition of CoreVest, a leading
nationwide originator of business-purpose residential loans (BPLs).
This transaction, CAFL 2019-3, closed on November 14th and marks the tenth and
largest securitization for CoreVest since it launched its first
deal in 2015. In addition, yesterday Redwood closed its
103rd Sequoia securitization, SEMT 2019-5, backed by a
pool of Redwood Select jumbo loans.
"A significant strategic element of the acquisition of CoreVest
is their best-in-class SFR securitization platform. We are excited
to now have the two largest and most highly-regarded issuance
platforms in the housing market as part of the Redwood family,"
said Christopher Abate, Redwood's
Chief Executive Officer. Abate continued, "The ability to
simultaneously market and successfully close two distinct offerings
under our CoreVest and Sequoia brands further solidifies our
conviction that the combined power of our operational platforms
will accelerate our strategy to grow profitably and organically
generate assets with attractive risk adjusted returns."
Dashiell Robinson, Redwood's
President also commented, "We are pleased with the progress we have
made integrating the CoreVest platform since acquiring the company.
In just four weeks, we have already demonstrated the asset
generating power of the platform." Robinson continued, "We are
excited to offer diverse residential credit investment
opportunities to our fixed income investors while providing
liquidity in the housing market and attractive financing for both
traditional homeowners and housing investors."
Commenting on behalf of CoreVest, Chief Executive Officer
Elizabeth O'Brien
said, "Closing our tenth deal as part of the Redwood family
underscored the strength of investor demand both from our
traditional base and the expanded number of investors focused on
residential credit. As the single-family rental market
continues to mature, we look forward to continuing to provide
attractive assets to this market."
Additional Resources
- Conference Call: Management Discussion on the Acquisition of
CoreVest – October 15, 2019
- Investor Presentation: Redwood Announces Definitive Agreement
to Acquire CoreVest American Finance Lender LLC – October 14, 2019
About Redwood Trust
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance
company focused on making credit-sensitive investments in
residential mortgages and related assets and engaging in mortgage
banking activities. Our goal is to provide attractive returns to
shareholders through a stable and growing stream of earnings and
dividends, as well as through capital appreciation. Redwood Trust
was established in 1994, 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.
About CoreVest
CoreVest is the leading lender to residential real estate
investors, nationwide. It offers long-term loans for stabilized
rental properties as well as short-term bridge loans and investment
credit lines. With more than $6
billion in closed loans and 40,000 units financed, CoreVest
offers attractive rates, rapid timelines and closing certainty. The
company works directly with borrowers, brokers and correspondent
partners. For more information, visit www.corevestfinance.com.
Forward-Looking Statements: 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 belief that the combined
power of Redwood's and CoreVest's operational platforms will
accelerate our strategy to grow profitably and generate assets with
attractive risk adjusted returns. Forward-looking statements
involve numerous risks and uncertainties. Our actual results may
differ from our beliefs, expectations, estimates, and projections
and, consequently, you should not rely on these forward-looking
statements as predictions of future events. Forward-looking
statements are not historical in nature and can be identified by
words such as "anticipate," "estimate," "will," "should," "expect,"
"believe," "intend," "seek," "plan" and similar expressions or
their negative forms, or by references to strategy, plans, or
intentions. 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, 2018 and subsequent Quarterly
Reports on Form 10-Q under the caption "Risk Factors." 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.
CONTACT:
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Lisa Hartman - SVP,
Head of Investor Relations
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Phone:
866-269-4976
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Email:
investorrelations@redwoodtrust.com
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SOURCE Redwood Trust, Inc.