CoreVest American Finance Lender, the lender formerly known as Colony American Finance, is expanding into wholesale lending for real estate investors.
Back in July, Fortress Investment Group acquired Colony American Finance, a lender that provides financing for real estate investors who want to purchase single-family rental homes, townhomes, condos, and small multifamily properties, and changed its name to CoreVest.
Now, CoreVest is moving into wholesale lending as well by launching a new wholesale partner channel that offers mortgage brokers a “highly attractive way of gaining access to the rapidly growing investor loan market.”
CoreVest’s wholesale program will provide residential mortgage brokers access to several types of investor loans, including single-property rental loans that offer a 30-year fixed rate, up to 75% of value, and can range from $67,500 to $1.4 million.
CoreVest also offers short-term fix-and-flip loans on individual properties with 12- month terms. These loans can finance up to 80% of cost and range from $250,000 to $3 million.
To lead the company’s expansion into wholesale lending, CoreVest hired Samuel Bjelac to serve as vice president of wholesale lending. Bjelac previously served as divisional vice president with Carrington Mortgage Services, manager of correspondent & wholesale lending at Flagstar Bank, and area sales manager of wholesale lending for First Magnus Financial.
"We are thrilled to have Sammy join the CoreVest team. He is an industry veteran that will help us connect with mortgage brokers nationwide,” Ryan McBride, CoreVest’s chief operating officer, said. “The investor loan market is much larger than most realize and it is growing rapidly. We can provide brokers with innovative, easy to close products that are in high demand by their clients.”
