CoreVest

About CoreVest

CoreVest is a direct, non-bank lender that focuses on providing short-term and long-term loans secured by investment residential property in 46 states nationwide. CoreVest was founded in 2014 and since that time has funded over 35,000 properties and closed more than $5 billion in loans. CoreVest lends to real estate investors and developers who own, or are looking to purchase investment residential property or portfolios of investment residential property (CoreVest does not make primary residence loans). CoreVest presently offers a wide spectrum of loan sizes up to $50 million or more, via a variety of competitive financing programs.

Loan Programs

CoreVest specializes in loans secured by individual investment residential properties or pools of investment residential properties. CoreVest also provides financing for multifamily property from 5 to 100 units. Loan proceeds obtained through CoreVest can be used for purchase, refinance, cash-out refinance, renovation, rehab, construction, and CoreVest even offers fix-and-flip credit lines. For the purpose of this review we have focused on CoreVest’s innovative build-to-rent residential loan program.

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Build-to-Rent Program Highlights / Guidelines

A build-to-tent loan is a great option for experienced developers interested in obtaining financing to build new rental properties. CoreVest provides certainty of funding not only during the construction phase but also long-term financing once projects have been stabilized.

Loans from $3 million to $50 million

  • For single family residence (SFR) construction and term loan take out financing
  • Up to 70% LTV construction loan and up to 70% LTV term take out loan
  • 12-24 month term construction loan and a 5 or 10 year term loan
  • Floating rate construction loan and fixed rate term loan
  • Flexible milestone draws for construction loan
  • Non-recourse carve-out with completion guaranty
  • Nationwide program

The Loan Process

LendVer did not shadow the application or loan process for CoreVest but its website offers basic information about how to get started and approved. CoreVest closes quickly in under 30 days for rental loans and under 1 week for bridge or fix-and-flip loans. Applicants are encouraged to fill out a short online application form or to contact CoreVest directly to start an application.

Pros

  • Significant experience in investment residential lending with over $5 billion funded across 35,000 properties.
  • Unique and varied program offerings such as construction loans, build-to-rent loans, and portfolio loans.
  • Aggressive loan terms with affordable rates, high-LTV options, and non-recourse loans.
  • Large loan sizes considered up to $50 million or more.
  • Flexible underwriting with credit considered down to 620, no tax returns required and collateral based, light-documentation underwriting.

Cons

  • CoreVest’s concentration has been in single family residential lending which comprises 84% of its current portfolio, so CoreVest may not be the best option for multifamily loans.
  • If your loan request is below or above its minimum and maximum loan sizes, or you have personal credit below its minimum requirement, CoreVest may not be able to assist you.

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Why CoreVest is the Best

With over $5 billion funded across 35,000 properties, CoreVest is an industry leader in residential investment lending. CoreVest offers flexible loan programs to take advantage of market opportunities. CoreVest is one of the few investment residential lenders offering large-balance single family residence construction loans, portfolio loans, and build-to-rent loans. CoreVest’s aggressive product offerings, coupled with its experience and service, make it LendVer’s 2019 Best Build-to-Rent Residential Lender.   

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