MILL VALLEY, Calif., Nov. 22, 2019 /PRNewswire/ -- Redwood Trust, Inc. (NYSE: RWT) today announced it closed its first
securitization backed by single-family rental (SFR) loans since its October 15th acquisition
of CoreVest, a leading nationwide originator of business-purpose residential loans (BPLs). This transaction,
CAFL 2019-3, closed on November 14th and marks the tenth and largest securitization for CoreVest
since it launched its first deal in 2015. In addition, yesterday Redwood closed its 103rd Sequoia
securitization, SEMT 2019-5, backed by a pool of Redwood Select jumbo loans.
"A significant strategic element of the acquisition of CoreVest is their best-in-class SFR securitization
platform. We are excited to now have the two largest and most highly-regarded issuance platforms in the
housing market as part of the Redwood family," said Christopher Abate, Redwood's Chief Executive Officer.
Abate continued, "The ability to simultaneously market and successfully close two distinct offerings
under our CoreVest and Sequoia brands further solidifies our conviction that the combined power of our
operational platforms will accelerate our strategy to grow profitably and organically generate assets with
attractive risk adjusted returns."
Dashiell Robinson, Redwood's President also commented, "We are pleased with the progress we have made
integrating the CoreVest platform since acquiring the company. In just four weeks, we have already
demonstrated the asset generating power of the platform." Robinson continued, "We are excited to offer
diverse residential credit investment opportunities to our fixed income investors while providing liquidity
in the housing market and attractive financing for both traditional homeowners and housing investors."
Commenting on behalf of CoreVest, Chief Executive Officer Elizabeth O'Brien said, "Closing our tenth
deal as part of the Redwood family underscored the strength of investor demand both from our traditional
base and the expanded number of investors focused on residential credit. As the single-family rental
market continues to mature, we look forward to continuing to provide attractive assets to this market."
Additional Resources
About Redwood Trust
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on making
credit-sensitive investments in residential mortgages and related assets and engaging in mortgage banking
activities. Our goal is to provide attractive returns to shareholders through a stable and growing stream of
earnings and dividends, as well as through capital appreciation. Redwood Trust was established in 1994, is
internally managed, and structured as a real estate investment trust ("REIT") for tax purposes. For more
information about Redwood, please visit our website at www.redwoodtrust.com.
About CoreVest
CoreVest is the leading lender to residential real estate investors, nationwide.
It offers long-term loans for stabilized rental properties as well as short-term bridge loans and investment
credit lines. With more than $6 billion in closed loans and 40,000 units financed, CoreVest offers
attractive rates, rapid timelines and closing certainty. The company works directly with borrowers, brokers
and correspondent partners. For more information, visit www.corevestfinance.com.
Forward-Looking Statements: This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including
statements related to Redwood's belief that the combined power of Redwood's and CoreVest's operational
platforms will accelerate our strategy to grow profitably and generate assets with attractive risk
adjusted returns. Forward-looking statements involve numerous risks and uncertainties. Our actual
results may differ from our beliefs, expectations, estimates, and projections and, consequently, you
should not rely on these forward-looking statements as predictions of future events. Forward-looking
statements are not historical in nature and can be identified by words such as "anticipate," "estimate,"
"will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their
negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are
subject to risks and uncertainties, including, among other things, those described in our Annual Report
on Form 10-K for the year ended December 31, 2018 and subsequent Quarterly Reports on Form 10-Q under
the caption "Risk Factors." Other risks, uncertainties, and factors that could cause actual results to
differ materially from those projected may be described from time to time in reports we file with the
Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation
to update or revise any forward-looking statements, whether as a result of new information, future
events, or otherwise.
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SOURCE Redwood Trust, Inc.