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Items Tagged with 'REO-to-rental'

ARTICLES

Progress Residential joins booming REO-to-rental securitization market

There’s a new kid on the block
Ben Lane
Morningstar and Kroll Bond Rating Agency have each weighed in on the securitization with presale reports and awarded nearly $241 million in AAA ratings to the securitization’s Class A tranche.
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Vacancies drop again in Invitation Homes rental securitizations

Continues downward trend
Ben Lane
In Invitation Homes’ $1 billion single-family rental securitization, which launched earlier this year, the cash flow vacancy rate of the underlying properties fell to 5.4% as of July 31, down from June’s revised figure of 6.2%.
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American Residential prices first REO-to-rental securitization

Latest in up-and-coming asset class
Ben Lane
American Residential Properties REO-to-rental securitization received $184.89 million in AAA ratings from Morningstar in its presale report. Now American Residential has priced its first securitization.
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American Residential joins booming REO-to-rental securitization market

Becomes latest to attempt to capitalize on burgeoning asset class
Ben Lane
The offering, American Residential Properties 2014-SFR1, will mark the third straight week that a REO-to-rental securitization has hit the market, demonstrating the growing popularity of the asset class.
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Vacancies spike in Colony American Homes $514 million rental securitization

Delinquency rate increases 114%
Ben Lane
In total, the vacancy and delinquency rate by property count has risen nearly 81% in the last two months, from 4.7% in April to 8.5 in June.
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Business booming at American Homes 4 Rent, but…

Company reports 2nd quarter loss despite rising rental income
Ben Lane
As of June 30, American Homes 4 Rent had 23,364 leased properties, an increase of 2,698 properties from March 31. The company also reported “continued strong occupancy,” with 94.7% of properties leased that have been previously leased or rent-ready for more than 90 days and total portfolio occupancy of 86.0%.
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Vacancies drop in Invitation Homes rental securitization

Reverses previous month’s surge
Ben Lane
"With initial lease expirations peaking in May and June 2014 (23.3% of all properties in the pool had leases expiring through May 2014 and 34.3% through June 2014), Morningstar expects the month-end vacancy rate to stabilize and to potentially decline," Morningstar said in its update.
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Kroll weighs in on Silver Bay Realty’s $312M rental securitization

Awards $147M in AAA ratings
Ben Lane
“Large-scale institutional ownership and management of single-family rentals is a fairly new business model and US securitization structures of the assets are still evolving,” Kroll’s presale report states. “While SBY 2014-1 is the sixth transaction of its kind, performance data for the sector is limited.”
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Silver Bay Realty prepping $312M rental securitization

Here comes another one
Ben Lane
Morningstar was the first of the ratings agencies to issue a presale report on the Silver Bay offering and awarded $147.75 million in AAA ratings to the class A tranche.
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Bank-held REO inventory drops 44% since 2011

Non-performing loans have also dropped nearly 50%
Ben Lane
According to a report from BankDATAWORKS, the total REO inventory held by banks has dropped from $52.55 billion in March 2011 to $29.37 billion in March 2014. That’s a drop of 44%.
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