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Items Tagged with 'Rental securitization'

ARTICLES

Investors still bullish on single-family rental market

Highlights from IMN Single-Family Rental Investment Forum
Lynn Effinger
While some recent downward pressure on yields experienced by the much larger institutional investors has somewhat tempered the enthusiasm surrounding single-family rentals, investors are still bullish on the performance of the new asset class.
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Multi-borrower single-family rental securitizations officially arrive

FirstKey Lending and B2R Mortgage both offering new asset class
Ben Lane
It appears that a new asset class is quickly developing, borne out of the single-family rental asset class, which itself is less than two years old. Multi-borrower single-family rental securitizations are here.
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Single-family rental bond yields are rising

Supply outpacing demand
Ben Lane
The supply of single-family rental securitizations is rising beyond the level of investor demand, and the surplus of available debt is driving yields up.
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Silver Bay Realty records 4% growth, but reports loss of $44.9 million

Total revenue reaches $20 million
Ben Lane
The company reported a net loss attributable to common stockholders of $44.9 million in the third quarter. That net loss equates to a loss of $1.17 per share, compared to net loss attributable to common stockholders for the second quarter of 2014 of $5 million, or a loss of $0.13 per share.
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Invitation Homes names new CEO and executive chair

Elevates Bryce Blair, adds John Bartling
Ben Lane
Bryce Blair, who has been on Invitation Homes’ board of directors since 2013, was named executive chairman of the board of directors. The company also named John Bartling as president and chief executive officer. Bartling will replace Invitation Homes’ current CEO Nick Gould.
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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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Invitation Homes bringing third REO-to-rental securitization to market

Asset class becoming more popular
Ben Lane
Of note in the presale report is the vacancy rate of the underlying properties, which stands at 4.4% as of the cutoff date. That’s lower than the vacancy rate in Invitation Homes’ previous SFR securitization in 2014, which was 5.1%, but still far above the vacancy rate of any of the other rental securitizations this year.
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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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Colony American Homes launches second REO-to-rental securitization

Morningstar, Kroll weigh in on $558 million deal
Ben Lane
The limited performance history of the asset class and home price volatility are cited as concerns for the offering's potential performance. The relative inexperience of the properties' manager is also a concern for the ratings agencies.
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Rental securitization earns AAA rating from Kroll, Morningstar & Moody’s

Deal is only third of its kind
Ben Lane
The offering, called American Homes 4 Rent 2014-SFR1, is a $482.7 million single-family rental securitization. The transaction is collateralized by a single loan that is secured by mortgages on 3,871 income-producing single-family homes.
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