Fidelis Investors Closes Fourth Rated RTL Securitization, Showcasing Strong Demand for Housing Production Tools Amid Persistent Affordability Challenges
Driving the institutionalization of the RTL space, Fidelis becomes the first manager to close two RTLs in 2026 as well as attain KBRA-rated bonds
Fidelis Investors (“Fidelis”), a leading alternative asset manager with $1.6 billion in assets under management, today announced the closing of its fourth rated Residential Transition Loan (RTL) securitization, FIDL 2026-RTL2. As Americans grapple with housing costs that have risen 54% since 2020, RTLs continue to prove a successful housing rehabilitation finance tool to put more affordable, high quality homes on the market, funding programs traditional lenders often ignore, including fix-and-flip loans.
Rated by Morningstar DBRS and KBRA, FIDL 2026-RTL2 is a two-year revolving, $191.5mm securitization backed by 381 RTLs across 24 lenders, led by Unitas Funding, LLC, a wholly owned subsidiary of Fidelis. The RTL marks a series of firsts for the industry, with Fidelis establishing itself as the first manager to launch a second rated RTL this year, as well as the first to ever close a deal backed by KBRA-rated bonds. Additional eligible RTLs may be added to the portfolio in future transfer periods, subject to the transaction’s eligibility criteria.
