Progress set to exploit bullish SFR demand

rental home
By Ryan Bolger
17 Sep 2014

Pricing guidance for Progress Residential’s first single-family rental (SFR) securitization was released on Tuesday amidst growing criticism of the new asset class, but secondary market trading levels in the first SFR suggest investors are still bullish on the product.

The first SFR ABS issue, by Blackstone’s Invitation Homes, closed in November 2013, and has traded above par since. It remains to be seen if SFR critics’ cries of refinancing risk will push prices downward as the market has more time to digest the still-new investment product.

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