Invitation Homes’ Inaugural SFR at Risk of Maturity Default

Wed October 28, 2015

The first securitization of single-family rental properties appears to be at risk of a maturity default.

The $479 million Invitation Homes 2013-SFR1 is backed by a floating-rate loan secured by the rental payments of about 3,200 single-family homes in five states. This loan is within 90 days of its initial term, when it ends Dec. 9, and the sponsor has yet to submit the required written notice of its intention to extend, according to Kroll Bond Rating Agency. The loan can be extended for one year up to three times, for a total term of five years.

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