Kiavi, a San Francisco-based lender for residential real estate investors, announced on Tuesday the closing of a $400 million rated securitization of residential transition loans (RTLs) in an “oversubscribed” transaction. 

The deal marked Kiavi’s 19th securitization, elevating its total issuance to over $5 billion since it launched its securitization program in 2019, including $1.4 billion in 2024 alone. 

The loans bundled in the securitization were mostly investment property loans used for fix-and-flip transactions. Like prior transactions, the deal includes a two-year revolving period during which principal payoffs can be reinvested to purchase new loans. 

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