Kroll Bond Rating Agency assigns preliminary ratings to six classes of Invitation Homes 2014-SFR2 single-family rental pass-through certificates.
This is the third securitization issued by Invitation Homes.
Invitation Homes 2014-SFR2 is a single-family rental securitization that will be collateralized by a $720.0 million loan secured by first priority mortgages on 3,750 income-producing single-family homes.
The floating rate loan will require interest-only payments and have a two-year term with three 12-month extension options.
The underlying properties are one to four unit residential properties located in ten states, with the top three representing 77.8% of the portfolio: (California (36.5%), Florida (33.1%), and Georgia (8.2%).