Progress Residential prices first REO-to-rental securitization

Progress Residential, a single-family rental company founded by former Goldman Sachs partner Donald Mullen, Jr., priced its inaugural securitization today, according to a person familiar with the deal. Deutsche Bank, which provided Progress Residential with a $400 million line of credit last year, is the lead manager of the securitization.

Progress Residential is also reportedly active in this space. Neither Tricon nor Progress – both of which regularly tap the securitization market for funding – responded to requests for comment. While sourcing newer properties from third parties is the most common approach, American Homes 4 Rent has actually started to build its own homes.

In late October, New York City-based Blackstone Group announced it had launched the first-ever real estate owned (REO)-to-rental securitization and was seeking investors for these instruments. The investment firm created a subsidiary, Invitation Homes, which reportedly purchased more than 40,000 foreclosed homes, which are now rental properties.

The first widely reported securitization deal in India dates back to 1990 when Citibank securitized auto loans and placed a paper with GIC mutual fund. Fund to the tune of Rs. 15 crore was raised in the transaction in which Citibank acted as the agent of ICICI for issue and redemption of the PTC.

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Progress Residential, the latest company to join the growing REO-to-rental securitization market, has priced its first securitization, a 3.4 million offering, backed by a single loan secured by.

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REO to Rental & Securitization. in Real Estate September 25th, 2012 The Wall Street Journal recently reported on the latest progress toward the securitization of single-family rental homes here.The WSJ has tracked this market development throughout the year, noting the birth of new investment firms and funds and explaining the investment strategy.

Marketing on the US$500m Invitation homes 2013-sfr1 transaction, backed by rental cashflows from tenants living in foreclosed single-family homes bought up by Blackstone at rock-bottom prices. that.

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Valuing a new asset class Why REO-to-rental securitization can be tricky. Residential Trust securitization that was announced this week – SWAY Residential 2014-1 – will be collateralized by a $531 million loan secured by mortgages on more than 4,000 homes. The first SFR securitization by.