CoreVest expanded its bridge lending platform to include multifamily properties up to 150 units.
Citing customer demand for bridge lending, which likely comes from a lack of investor interest in new multifamily construction, CoreVest will offer loans in the $250,000 to $25+ million range.
"This is a logical extension of our business," CoreVest Chief Operating Officer Ryan McBride said in a statement.
"We have financed multifamily properties for years. Expanding the unit count for these properties will enable us to better serve investors that require flexible bridge financing options for larger projects," he added.
According to the CoreVest release, their bridge loans can be used for purchasing properties, refinancing, and rehab funding. Under the new expansion, CoreVest says it has delivered financing for over 700 units across 18 properties in Forida and one 18-unit property in Newark.
"We provide loan products to investors across a range of asset types and timeframes. Whether it's bridge financing for large multifamily projects, long-term loans for single family rentals, or Freddie Mac loans, we offer borrowers attractive financing solutions," CoreVest Chief Executive Officer Beth O'Brien said in a statement. "Regardless of the product, we pride ourselves on being flexible, timely and the lender that our customers can grow with."
