Tech-enabled lender's first rated deal was
upsized and oversubscribed due to significant interest from a broad
set of investors
SAN
FRANCISCO, Aug. 13, 2024 /PRNewswire/ -- Kiavi, a
leading tech-enabled lender to residential real estate
investors, today announced it closed a $400 million rated
securitization of residential transition loans ("RTLs"). While this
is Kiavi's first rated securitization, it is the 19th
transaction under its LHOME shelf. In total, Kiavi has issued
more than $5.1 billion in offered
notes since it began its securitization program in 2019 and about
$1.4 billion in 2024 alone.
Due to significant interest from a broad set of institutional
investors, including several first-time investors, the transaction
was upsized by $100 million and
oversubscribed by multiple times. The offered notes are in four
classes, A1, A2, M1, and M2, all of which were sold. Consistent
with prior LHOME transactions, the deal includes a two-year
revolving period, during which principal payoffs can be reinvested
to purchase additional newly originated loans.
"We're thrilled to close our first rated securitization,
enabling a much wider set of institutional investors to invest in
Kiavi's RTL program. This deal, along with our previous
securitizations, demonstrates our strong track record in the RTL
sector," said Arvind Mohan, CEO
of Kiavi. "Transactions like this, in addition to our focus on
innovation, enable us to continue helping real estate investors
scale their businesses with a trusted, reliable capital partner -
and ultimately provide more move-in ready homes and rental housing
for millions of Americans across the country," he added.
Morningstar DBRS provided a credit rating on the deal. Nomura
Securities International, Inc. (Nomura) was the sole structuring
agent. Nomura, Barclays Capital, Inc. and Performance Trust Capital
Partners, LLC were joint bookrunners and co-lead managers on the
transaction.
Kiavi is a top lender to residential real estate investors in
the United States. The company's
technology platform, data-driven approach, and leading capital
execution allow Kiavi to provide real estate investors with a
transparent online experience, competitive pricing, and reliable
capital to scale their businesses.
About Kiavi
With more than $21 billion in funded loans, Kiavi is one of
the nation's largest private lenders to residential real estate
investors ("REIs"). Kiavi harnesses the power of data &
technology to offer REIs a simpler, more reliable, and faster way
to access the capital they need to scale their businesses. Formerly
known as LendingHome, Kiavi is committed to helping its customers
revitalize the approximately $25 trillion of aged U.S. housing
stock to provide move-in ready homes and rental housing for
millions of Americans across the country. For more information,
visit www.kiavi.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/kiavi-closes-first-rated-securitization-of-residential-transition-loans-for-400-million-302221201.html
SOURCE Kiavi Inc.