Kiavi Closes $350M Securitization, Unlocking Over $1B in New Liquidity

Kiavi has completed a $350 million rated securitization of residential transition loans (RTLs), marking its sixth rated transaction and 24th deal under its LHOME shelf. Since inception, the Pittsburgh-based lender has issued more than $6.8 billion in offered notes. 

The latest deal attracted strong institutional demand, including participation from seven first-time investors, and was oversubscribed by more than five times. Notes were issued across A1, A2, M1 and M2 tranches, all of which were fully placed. 

The securitization features a two-year revolving period, enabling principal paydowns to be reinvested into newly originated loans, generating an estimated $1.2 billion in additional funding capacity. 

“This transaction unlocks over $1 billion in new liquidity,” said Arvind Mohan, CEO of Kiavi. “By seamlessly connecting capital markets with our infrastructure, we continue to deliver the reliable capital, speed, and transparency that investors and builders rely on to create move-in ready homes nationwide — all while generating attractive, risk-adjusted returns for our capital partners.” 

Morningstar DBRS rated the transaction. Nomura Securities International served as sole structuring agent, with Nomura, Barclays, Deutsche Bank and Performance Trust Capital Partners acting as joint bookrunners and co-lead managers. 

In 2025, Kiavi originated a record $7.8 billion in loans, up 20% year-over-year despite flat home sales, expanded into 17 additional states and became the first non-bank lender to surpass 100,000 loans funded to real estate investors.