What Will Drive the Future Growth of the SFR Market?
Fri December 18, 2015Since Invitation Homes, a subsidiary of Blackstone Group, launched the first single-family rental securitization in November 2013, there have been 26 other deals with issuance totaling $13.81 billion, according to Morningstar’s Single-Family Rental Update for December 2015 issued this week.
Only three of those 27 single-family rental securitizations have been multiborrower transactions—defined as deals that contain many loans made to smaller investors and usually backed by five or more properties. The rest have been single-borrower deals, which consist of a single loan to a large institutional investor.