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Kiavi closes $218m revolving securitisation of residential transition loans

By Edlyn Cardoza

June 24, 2022

  • Barclays Capital
  • Housing Stock
  • Kiavi
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 Kiavi, REIs, RTLs, Real Estate LHOME Shelf, Nomura, Barclays Capital, Performance Trust Capital Partners, Housing Stock, USAKiavi, a leading provider of financing to real estate investors (REIs), recently announced it has closed a $218 million revolving securitisation of unrated residential transition loans (RTLs). This is the 9th broadly syndicated securitisation transaction sponsored by Kiavi under its LHOME shelf since it began its sponsored revolver securitisation program in 2019.

“This round of securitisation is a testament to our leadership position. Executing in today’s challenging market environment demonstrates our investors’ continued confidence in our products and performance, and it extends our position as a leading issuer of RTL products,” said Arvind Mohan, Kiavi’s chief operating officer. “We are excited to secure the latest round of securitisation allowing us to serve our customers with stronger products as they continue to rehabilitate America’s aging housing stock at a time when over two-thirds of U.S. homes are over 30 years old.”

The transaction will provide capital to support approximately $750 million in loan originations over the life of the deal and will help real estate investors revitalise old homes across the country. The $218 million total deal size includes $207 million in offered notes in three classes, A1, A2 and M, all of which were sold. The deal includes a two-year revolving period during which principal payoffs can be reinvested in newly originated loans.

Kiavi has rapidly become one of the top destinations for real estate investors looking to buy, renovate and sell or rent a home. The company recently surpassed funding $10 billion in loans to real estate investors since its inception in 2013.

The combination of leading capital markets execution and the operational scale and efficiency that Kiavi’s technology platform enables the company to provide real estate investor customers with competitive pricing and the ability to scale.

Nomura Securities International, Inc. was the sole structuring agent of this securitisation. Nomura, Barclays Capital Inc. and Performance Trust Capital Partners, LLC were joint book-runners and co-lead managers.

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