The top three CBSAs are Atlanta (15.8%), Miami (8.5%) and Charlotte (6.9%) which together represent 31.2% of the whole pool.ĭebt service coverage from the issuer for the underlying loans is 2.27x and 1.73x, and both are higher than the averages in the comparable set of fixed-rate transactions. The properties that ultimately collateralize the deals are highly geographically diverse, relative to pools in the comparative set. The constraints stipulate that the LTV cannot exceed 83% for any ECR, based on the updated BPOs. FirstKey Homes will need to obtain updated BPOs for 100% of the collateral properties and declining LTV constraints. KBRA noted that the transaction sponsor indicated the intent to use the ECR feature to issue a new transaction to finance the same properties when home prices have appreciated significantly.īut that feature carries an obligation in the part of the issuer. FirstKey Homes 1 Day on HAR 15 Photos 1225 19th Avenue N Texas City, TX 77590 1,995 Active Rental - Single Family Detached Traditional style in Mainland Park in Texas City (Marketarea) 4 bedrooms 2,178 Sqft.
An ECR feature empowers the issuer to re-leverage the transaction close to its loan-to-value, if the transaction deleverages due to home price increases or other reasons. The level exceeds the average leverage of 80.8% for the 23 transactions in KBRA’s comparison group.Īlso, the deal’s sponsor, Cerberus SFR Holdings Partners, L.P., will be allowed to remove properties without prepaying any yield maintenance or additional release premium to the trust when using the transaction’s ECR feature. FirstKey Homes, LLC Information With more than 50,000 single-family rental homes in 28 desirable markets nationwide, FirstKey Homes is committed to help our residents find the space they need, the privacy they want and the peace of mind they deserve. One area of credit concern is the high leverage level in the pool, 90%, based on the portfolio’s book price opinion (BPO) value, according to KBRA.
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