Encore Finance Group Closes $275 Million Multi-Borrower Single-Family Rental Securitization

✦ Meridian Analysis

Encore Finance Group has closed ENCR 2026‑SFR1, a $275 million multi‑borrower single‑family rental (SFR) securitisation. The transaction is fully executed, with Encore acting as both originator of the underlying mortgage loans and issuer of the asset‑backed securities. Eight classes of notes were issued, collateralised by 36 fixed‑rate, five‑year loans with balances ranging from $1.6 million to $32.2 million, providing financing for 1,308 fully stabilised rental properties. Deal documentation did not disclose pricing, yield spreads or the allocation of the eight note tranches, nor were the underwriting banks, rating agencies or legal advisers identified. Information on regulatory clearances, any credit enhancements and the timetable for subsequent issuances also remains absent. Professionals will be watching for the next tranche size, the pricing framework and whether Encore will pursue a serial issuance programme as indicated by its CEO.

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