Colony among originators looking at multi-borrower SFR ABS

By Ryan Bolger
22 Sep 2014

Originators including Colony American Finance are looking to structure the first multi-borrower single-family rental securitizations, but ratings agencies have voiced concern over a lack of data on renters and property managers.

Every single-family rental (SFR) securitization to date has included in its structure a single first-lien loan taken by the originator of notes. While income payments on the notes are based on rental payments by tenants, the originator’s loan is the only obligation placed in the securitization trust. A ...

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