Invitation Homes' second securitization of single-family rentals is backed by properties with riskier tenancy, and it had to compensate investors accordingly.  

The senior, triple-A rated $483 million of five-year tranche of Invitation Homes 2014-SFR1 priced at 100 basis points over one month Libor. That was in line with the senior, five-year tranche of a deal that American Homes 4 Rent, completed this month.  It also compares favorably with the Libor plus 115 basis points that Invitation Homes  paid on the senior, 4.9-year tranche of its inaugural deal in November of 2013.

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