Leverage creeping up on single-family rental securitizations

Leverage on single-family securitizations continues to creep up as the indurty becomes more comfortable with the asset class and more issuers consider structuring deals with an added risk retention tranche. The most recent example, Colony American Homes 2015-1 -- the third SFR deal from Colony and the 20th single-borrower deal -- carries a 77.6% LTV, which is significantly higher than previous deals.