Progress Residential prices first REO-to-rental securitization

Progress Residential, a single-family rental company founded by former Goldman Sachs partner donald mullen, Jr., priced its inaugural securitization today, according to a person familiar with the deal. Deutsche Bank, which provided Progress Residential with a $400 million line of credit last year, is the lead manager of the securitization.

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Progress Residential’s third single-family rental securitization is getting ready to hit the market, collateralized by a $438.7 million loan secured by first priority mortgages on 3,317 income.

Yet the big mistake with REO-to-rental securitization is the notion that pass-through rates are going to be steady. There is no market history for this here aside from individual landlords and property managers. Yet experience here just like in life can vary greatly. In the past prior to the 2000s, mortgages were fairly safe bets.

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So we’ve reduced our purchase price relative to property value by 9 points, and that’s on purpose. We’ll still have some dry powder. We’re — with a couple of securitizations in progress. % into a.

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Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last.

Subprime Bloodletting Continues at Fitch Progress Residential prices first REO-to-rental securitization Why Did Rating Agencies Do Such a Bad Job Rating Subprime. – The three main rating agencies, Moody’s, Standard & Poor’s, and Fitch, have been. some types of subprime securities, a particular rating agency’s rating was. managers: that.