KBRA Assigns Preliminary Ratings to Progress Residential 2024-SFR3
KBRA assigns preliminary ratings to seven classes of Progress Residential 2024-SFR3 (Progress 2024-SFR3) single-family rental pass-through certificates.
- KBRA assigns preliminary ratings to seven classes of Progress Residential 2024-SFR3 (Progress 2024-SFR3) single-family rental pass-through certificates.
- The subject transaction will be the 29th KBRA-rated securitization issued by Progress Residential.
- KBRA adjusted the BPOs, which yielded an aggregate value of $771.2 million, which represents a 5.0% haircut to the nominal BPO value.
- To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.