Specialty real estate lender CoreVest has been given approval for a pilot program to provide enhanced liquidity in the Single-Family Rental ("SFR") market
Specialty real estate lender CoreVest has been given approval for a pilot program to provide enhanced liquidity in the Single-Family Rental ("SFR") market.
Freddie Mac’s green light means that the lender will be able to expand financing options to investors in workforce and affordable rental housing.
"We are excited to partner with Freddie Mac in multiple ways to provide liquidity to a very important part of the US housing market. Providing investors with low cost options to finance affordable housing increases the opportunity for families to find places to live in the communities they want to be in," said Beth O'Brien, Chief Executive Officer at CoreVest.
Freddie Mac has guaranteed 80% of the certificates that CoreVest has issued for a $202 million structured transaction, the first structured transaction for Freddie Mac in the SFR space and the fifth SFR structured transaction for CoreVest.
"The benefit of Freddie Mac's involvement in the SFR structured finance market will ultimately inure to our borrowers, who will realize a lower cost of capital. We look forward to helping our clients to provide affordable long-term housing to a wide range of American households," said Christopher Hoeffel, Chief Financial Officer of CoreVest.
CoreVest become the first non-Freddie Mac seller/servicer to be approved as an SFR seller under a pilot program in the first quarter of 2017.
Freddie Mac’s green light means that the lender will be able to expand financing options to investors in workforce and affordable rental housing.
"We are excited to partner with Freddie Mac in multiple ways to provide liquidity to a very important part of the US housing market. Providing investors with low cost options to finance affordable housing increases the opportunity for families to find places to live in the communities they want to be in," said Beth O'Brien, Chief Executive Officer at CoreVest.
Freddie Mac has guaranteed 80% of the certificates that CoreVest has issued for a $202 million structured transaction, the first structured transaction for Freddie Mac in the SFR space and the fifth SFR structured transaction for CoreVest.
"The benefit of Freddie Mac's involvement in the SFR structured finance market will ultimately inure to our borrowers, who will realize a lower cost of capital. We look forward to helping our clients to provide affordable long-term housing to a wide range of American households," said Christopher Hoeffel, Chief Financial Officer of CoreVest.
CoreVest become the first non-Freddie Mac seller/servicer to be approved as an SFR seller under a pilot program in the first quarter of 2017.
