Renters insurance is available to all residents, even in traditionally hard markets, at affordable prices. One of the ways they help to ensure resident safety and security is with renters insurance. They’ll take care of any major disruptions, so you can focus on living your life – all the benefits of homeownership with none of the hassle!įirstKey Homes makes taking care of their residents a priority. To further upgrade your lifestyle, FirstKey Homes has partnered with Effective Coverage to provide you with renters insurance protection at a great price.įirstKey Homes provides an extensive selection of single-family residences with all the amenities you expect in a home. Once you’re moved in, look to FirstKey Homes to handle the big stuff. When you rent from FirstKey, you’re not just renting a home – you’re upgrading your lifestyle. I was able to locate a great home in a highly-desirable neighborhood at a reasonable priceįirstKey Homes is a real estate management firm that believes in making their properties feel like your home. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.FirstKey Homes is a godsend after wasting money with other rental companies. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA įurther disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Information on the meaning of each rating category can be located here. Global Structured Finance Counterparty Methodologyįurther information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.Ī description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.Single-Family Rental Securitization Methodology SFR KBRA Comparative Analytic Tool (SFR KCAT).To access ratings and relevant documents, click here. Single-Family Rental Securitization Methodology. This hybrid analysis is described in more in KBRA’s U.S. In determining LGD, KBRA subjects the real estate properties to home price stress scenarios using elements of RMBS methodologies. To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market. As the properties generate a cash flow stream from tenant rental payments, elements of CMBS methodologies are used to determine the loan’s probability of default (PD). KBRA uses a hybrid analysis to evaluate SFR transactions, which incorporates elements of both KBRA’s CMBS and RMBS methodologies, as the underlying real estate contains commercial and residential characteristics. The resulting LTV based on KBRA’s adjusted BPO value was 100.0%. KBRA adjusted the BPOs, which yielded an aggregate value of $871.6 million, which represents a 10.0% haircut to the nominal BPO value. The aggregate BPO value of the underlying homes is $968.5 million, yielding an LTV of 90.0%. The top-three CBSAs represent 30.4% of the portfolio and include Atlanta (15.8%), Charlotte (7.7%), and Houston (6.9%). The underlying single-family rental properties are located in or near 41 Core Based Statistical Areas (CBSAs) across 17 states. The subject transaction will be the 9 th KBRA-rated securitization issued by FirstKey Homes. The fixed-rate loan requires interest payments only over its 3.5-year term. NEW YORK-( BUSINESS WIRE)-KBRA assigns preliminary ratings to 14 classes of FirstKey Homes 2022-SFR3 (FKH 2022-SFR3) single-family rental pass-through certificates.įirstKey Homes 2022-SFR3 is a single-borrower, single-family rental (SFR) securitization that will be collateralized by a $871.6 million loan secured by first priority mortgages on 2,526 income-producing single-family homes.
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