Bridge lenders
CoreVest Finance
CoreVest Finance lends to residential real estate investors. Its products cover rental portfolio loans, 30-year DSCR loans for single properties and for portfolios, short-term rental loans, fix and flip loans and lines of credit, single-asset and no-ratio bridge loans, ground-up construction and build-to-rent loans, and multifamily bridge and term loans. It works with borrowers directly and through brokers and wholesale bankers.
Credit decisions are made in-house by its own credit, underwriting, and capital markets teams, and it issues term sheets or letters of intent rather than fully underwritten approvals at application. Guidelines vary by program but generally cap LTV at 75% to 80% and LTC at 80% to 90%, with a minimum DSCR typically of 1.0. The minimum credit score is typically 640 for standard rental and single-asset loans and can rise to 680 or 720 on portfolios with multiple properties. Prior real estate or landlord experience is not required, and some programs require the property to be held in a special purpose entity.
Terms published by product: rental portfolio loans run 3 to 10 year terms at up to 70% LTV and can close in as little as 30 days; 30-year DSCR loans go to 80% LTV and can close in as little as 15 days; fix and flip loans run $75K to $3M+ on 6 to 24 month terms with extension options, up to 93.5% LTC on 1-4 unit properties and up to 80% LTC on light rehab of 5-19 units. Construction draws are submitted through a digital portal with invoices, permits, and lien waivers, verified by a third-party inspector, and wired within 2 to 5 business days net of servicing, inspection, and wire fees.
CoreVest finances single-family rentals, condos, townhomes, and small multifamily portfolios. It does not finance owner-occupied residences, mobile or manufactured homes, co-ops, assisted living facilities, mixed-use properties, or commercial real estate, and it suggests other lenders are often a better fit for larger apartment buildings. CoreVest American Finance Lender LLC is a subsidiary of Redwood Trust, Inc.; it is not a bank, makes business-purpose loans only, and product availability is limited in some states. Property and commercial liability insurance requirements vary by state.
Best for
Residential investors scaling single-family rentals, small multifamily, or flips who want one lender across bridge, term, and construction. Not a fit for owner-occupied, manufactured housing, co-op, mixed-use, or commercial property, which it does not finance.
What they do
- Rental portfolio loans
- 30-year DSCR loans, single asset and portfolio
- Short-term rental loans
- Fix and flip loans
- Fix and flip lines of credit
- Single-asset bridge loans
- No-ratio bridge loans
- Ground-up construction loans
- Build-to-rent loans
- Multifamily bridge and term loans
Details
| Attribute | Value |
|---|---|
| Ownership | Subsidiary |
| Licenses | NMLS #1627183, California Finance Lenders license #60DBO-43692, Oregon Mortgage Lending License #ML-5655, Utah Mortgage Entity License #11128868, Arizona Commercial Mortgage Banker License #CBK-1044531, Minnesota Residential Mortgage Banker License #MN-MO-1627183 |
What stands out
- Loan guidelines generally cap LTV at 75% to 80% and LTC at 80% to 90%, with a minimum DSCR typically of 1.0.
- Minimum credit score is typically 640 for standard rental and single-asset loans, rising to 680 or 720 on some portfolio programs.
- Fix and flip loans run $75K to $3M+ on 6 to 24 month terms, up to 93.5% LTC on 1-4 unit properties.
- Credit decisions are made in-house by its own credit, underwriting, and capital markets teams.
- Does not finance owner-occupied homes, mobile or manufactured homes, co-ops, assisted living, mixed-use, or commercial real estate.
Common questions
- Is prior real estate or landlord experience required?
- No. CoreVest says it lends to borrowers ranging from new investors buying a first property to investors managing hundreds of rentals, and tailors each loan to the borrower's experience level and funding needs.
- What types of property does CoreVest finance?
- Residential investment property: single-family rentals, condos, townhomes, and small multifamily portfolios. It does not cover owner-occupied residences, mobile or manufactured homes, co-ops, assisted living facilities, mixed-use properties such as residential with a retail component, or commercial real estate. It may consider larger apartment buildings but says other lenders are often a better fit.
- What credit score is needed to qualify?
- The minimum is typically 640 for standard rental and single-asset property loans. Specific loan programs, or portfolios with multiple properties, may require higher scores such as 680 or 720.
- Is a special purpose entity required?
- On specific loan programs, properties must be held under a special purpose entity, typically a limited liability company. CoreVest says its team will walk a borrower who does not yet have one through setting it up.
- How do construction and rehab draws work?
- After closing, the borrower receives credentials for a draw request site and can schedule an onboarding call with a construction manager. When a phase of work is finished, the borrower submits a draw package with supporting invoices, permits, and lien waivers; a third-party inspector visits the property and reports back; and approved funds are wired within 2 to 5 business days, net of standard servicing, inspection, and wire fees.
- Does CoreVest issue term sheets or full approvals?
- CoreVest primarily issues term sheets, or letters of intent, to establish preliminary loan parameters, rather than fully underwritten approvals at the initial application stage.