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Kiavi, a San Francisco-based provider of financing to real estate investors, closed an approximately $200 million, 24-month-term revolving securitization of unrated residential transition loans (RTLs).

This transaction marks Kiavi’s 13th RTL transaction under its LHOME shelf since it began its securitization program in 2019. The securitization includes offered notes in three classes, A1, A2, and M, all of which were sold, and the deal included a two-year revolving period during which principal payoffs can be reinvested in purchasing additional newly originated loans. With the newly closed securitization, the company’s total issuance is more than $3 billion in offered notes.

During the first half of 2023, Kiavi funded more than $2 billion in loan volume to real estate investors, including more than 7,300 fix-and-flip and rental property loans to 2,500 customers.

“In a year of macroeconomic uncertainty, underscored by the dynamic interest rate environment and tight housing market, we’re thrilled to announce yet another securitization,” said Arvind Mohan, CEO at Kiavi. “Deals like this not only demonstrate our leadership position in the private lending space, but also highlight our track record and partnership with institutional investors as well as their continual confidence in Kiavi’s underwriting and loan management capabilities,” he added.