American Residential Properties is planning its first securitization of single-family rental homes. It may pay a penalty for coming late to the party, if spread widening on a recent deal from Blackstone's Invitation Homes is a guide. 

The deal, American Residential Properties 2014-SFR1, will offer $342 .67 million of securities backed by a single loan that is secured by a pool of 2,880 of single-family rental properties.  The floating-rate loan pays only interest for its two-year term and is extendable to a total of five years.

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