Some CRE finance firms have been announcing new securitization deals of residential transition loans (RTLs). The structure comes out of residential mortgage-backed securities, or RMBSs.

In April, Genesis Finance said that it had completed a $500 million securitization with three classes of bonds rated from A to BB. August brought word from "tech-enabled lender to residential real estate investors" Kiavi that it had closed a $400 million securitization of RTLs. And Toorak Capital Partners in September said that it had closed its second RTL securitization for $237.5 million consisting of 521 RTLs of about 661 housing units.

Real estate and financial services asset manager Rithm describes the loans as "asset-based finance meets private credit." They're also known as fix-and-flip loans because they've been widely used by people looking for bridge financing to take an existing property, fix it up, and then sell it off at a profit.