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Fidelis closes $191.5M residential transition loan securitization

The two-year revolving deal, backed by 381 loans across 24 lenders, issued bonds rated by Morningstar DBRS and KBRA.

Reported · Written up by our desk · Mortgages

HousingWire reports that Fidelis Investors has closed its fourth rated residential transition loan securitization, FIDL 2026-RTL2, a two-year revolving $191.5 million transaction.

The securitization is backed by 381 residential transition loans from 24 lenders. The bonds were rated by Morningstar DBRS and KBRA, with the transaction led by Unitas Funding LLC, a wholly owned subsidiary of Fidelis.

Fidelis said residential transition loans are typically used by real estate investors to finance the purchase and rehabilitation of properties, including fix-and-flip projects, and to support rehabilitation efforts that traditional lenders often do not fund.

The firm also said it is the first manager to launch a second rated RTL securitization in 2026 and the first to close a transaction backed by KBRA-rated bonds, and that additional eligible loans may be added to the portfolio during future transfers.

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