Fidelis Investors has closed a $191.5m (£142m) residential transition loan securitisation, its second rated deal of the year and fourth overall.
FIDL 2026-RTL2 is a two-year revolving securitisation backed by 381 residential transition loans originated across 24 lenders.
The portfolio is led by Unitas Funding, a wholly owned subsidiary of Fidelis, while additional eligible loans may be added during future transfer periods.
Read more: Arrow acquires Milan property developer to expand asset-backed lending opportunities
The transaction has been rated by Morningstar DBRS and KBRA.
Fidelis said the loans can help bring refurbished housing stock back to market at a time when US housing costs remain elevated, adding that it is the first manager to complete two rated residential transition loan securitisations in 2026 and the first to issue a transaction backed by KBRA-rated bonds.
“From playing a major role in establishing the secondary market in residential transition lending to now bringing KBRA-rated bonds to market, Fidelis continues to drive the institutionalisation of private real estate lending,” said Brian Tortorella, managing partner at Fidelis.
Read more: Rising European leveraged loan yields cast shadow over private credit
“As the nation continues to contend with an intense housing affordability problem, investors are eager to support solutions that put more homes on the market while delivering strong opportunities for returns.”
Fidelis said the US residential transition loan market is worth approximately $85bn and continues to attract investors seeking asset-backed returns.
