IRVINE, Calif., Sept. 27, 2017 /PRNewswire/ -- CoreVest, the leading lender to residential real estate investors, has announced the introduction of a new wholesale partner channel which offers mortgage brokers a highly attractive way of gaining access to the rapidly growing investor loan market.
The investor loan market has expanded meaningfully over the last several years due to strong demand from investors who need loan products designed specifically for their rental property and fix-and-flip businesses. Mortgage brokers have been increasingly active in this market to better serve those clients and generate additional revenue streams to offset declines in traditional refinancing volumes. As the market leader that has closed nearly $3 billion in investor loans and financed over 20,000 investment properties, CoreVest provides wholesale origination partners with a unique suite of investor loan products and a simple process that is fast, reliable and easy.
To lead CoreVest's wholesale channel efforts, the company recently hired Samuel Bjelac as Vice President of Wholesale Lending. Bjelac previously served as Divisional Vice President with Carrington Mortgage Services, Manager of Correspondent & Wholesale Lending for 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. 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," said Ryan McBride, CoreVest Chief Operating Officer.
The CoreVest wholesale program will provide residential mortgage professionals easy access to several types of investor loans. CoreVest's single-property rental loans offer a 30-year fixed rate, up to 75 percent of value, and can range from $67,500 to $1.4 million. There are also specific products tailored to various investor groups including foreign nationals and those looking to unlock equity from their investments. CoreVest's short-term fix-and-flip loans on individual properties span 12 months, can finance up to 80% of cost and range from $250,000 to $3 million. Aggregation lines also allow flexible acquisition criteria and the ability to stabilize properties for sale or rental and hold.