KBRA Comments on FirstKey Lending 2015-SFR1 Loan Transfer to Special Servicing

NEW YORK--()--Kroll Bond Rating Agency (KBRA) is monitoring the recent special servicing transfer of a loan that serves as collateral for the FirstKey 2015-SFR1 (FKL 2015-SFR1) securitization. The transfer is the second among the three multi-borrower, single-family rental (SFR) securitizations rated by KBRA and one of six specially serviced loans in the sector. As such, it provides a useful case study in the approach special servicers will use to resolve defaults in the emerging asset class. To date, there have been six multi-borrower SFR deals issued, which have an average seasoning of 11 months. Of the remaining five loans, four were 60-plus days delinquent as of the most recent remittance period, and were securitized in B2R 2015-1 and B2R 2015-2, which were not rated by KBRA, and one loan from Colony American Finance 2015-1 (CAF 2015-1) has been resolved.

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Contacts

Kroll Bond Rating Agency
Analytical Contacts:
Daniel Tegen, 646-731-2429
dtegen@kbra.com
or
Akshay Maheshwari, 646-731-2394
amaheshwari@kbra.com
or
Ashish Khattri, 646-731-2421
akhattri@kbra.com
or
Nitin Bhasin, CFA, 646-731-2334
nbhasin@kbra.com
or
Follow us on Twitter!
@KrollBondRating

Contacts

Kroll Bond Rating Agency
Analytical Contacts:
Daniel Tegen, 646-731-2429
dtegen@kbra.com
or
Akshay Maheshwari, 646-731-2394
amaheshwari@kbra.com
or
Ashish Khattri, 646-731-2421
akhattri@kbra.com
or
Nitin Bhasin, CFA, 646-731-2334
nbhasin@kbra.com
or
Follow us on Twitter!
@KrollBondRating