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The common theme in the earnings results for both REITs is the impact of fast rising interest rates and general rate volatility on their residential mortgage holdings and operations.
Redwood Trust Inc. says its has completed the previously announced acquisition of Riverbend Funding LLC, a private mortgage lender to residential transitional and commercial real estate investors, in an all cash transaction on Tuesday. The transaction, which initially was announced on April 28, includes Redwood acquiring all of Riverbend’s subsidiaries.
Specialty finance company Redwood Trust has completed its acquisition of bridge lender Riverbend Funding, which has a funded portfolio of more than $1.5 billion single-family and multifamily loans nationwide.