Redwood Trust makes two real estate technology investments
Redwood Trust Announces First Technology Investments Under Its Recently Launched RWT Horizons Venture Investing Strategy.
MILL VALLEY, Calif., March 22, 2021 /PRNewswire/ -- Redwood Trust, Inc. (NYSE: RWT) a leader in expanding access to housing for homebuyers and renters, today announced two technology investments under its recently launched RWT Horizons venture, a strategy focused on early and mid-stage companies driving innovation in financial and real estate technology, and digital infrastructure. Investments made through Horizons are designed to support companies whose technologies are accretive to Redwood's businesses, including its residential and business-purpose lending platforms.
The company also announced that Ryan McBride, the Chief Operating Officer at CoreVest (a Redwood Trust company and the market's leading lender to residential real estate investors) has expanded his responsibilities and taken on the additional role of Chief Investment Officer of RWT Horizons. In this position, Ryan will lead the development and execution of the RWT Horizons strategy for capital deployment and strategic partnerships.
RWT Horizons recently made its first investments in two early-stage technology companies, both with strong ties to the burgeoning residential rental market. The first transaction included an investment in Rent Butter, a Chicago-based firm developing a proprietary tenant screening tool that allows landlords to efficiently evaluate prospective tenants and meaningfully reduce defaults and evictions. The second transaction included an investment in Rentroom, a New York-based software-as-a-service company that offers an easy to use, turnkey property management platform designed for small and mid-sized landlords and their tenants.
Christopher Abate, Chief Executive Officer of Redwood Trust commented, "RWT Horizons is an important element of our enterprise-wide technology strategy, that we believe will drive innovations across both our residential and business-purpose lending platforms. Through the Horizons initiative, we invest directly in companies strategically aligned with our business, whose technologies we believe can create new efficiencies across the mortgage value chain. In the case of Rent Butter and Rentroom, these disruptive solutions were sourced directly through CoreVest's existing borrower network."
Abate continued, "New partnerships forged through RWT Horizons will enhance our technology roadmap and drive innovation that supports continued best-in-class customer service, revenue growth, and increased market share. We are happy to see the positive market response to Horizons and excited for Ryan to lead this initiative, given his background in technology and experience in building companies in the lending and real estate space."
About Redwood Trust Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms; whole-loan distribution activities; and our publicly traded shares. Our consolidated investment portfolio has evolved to incorporate a diverse mix of residential, business purpose and multifamily investments. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Since going public in 1994, we have managed our business through several cycles, built a track record of innovation, and a best-in-class reputation for service and a common-sense approach to credit investing. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood Trust, visit our website at www.redwoodtrust.com or connect with us on LinkedIn, Twitter, or Facebook.
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, investment credit lines and build to rent programs. With more than $10 billion in loans funded and approximately 100,000 units financed, CoreVest offers attractive rates, rapid timelines and closing certainty. The company works directly with borrowers and brokers.
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SOURCE Redwood Trust, Inc.