Kiavi's Record-Breaking 2024
$6.5B+ in Funding, 46% YoY Growth
Executive Summary
Founded in 2013, Kiavi has grown to become the largest residential private lender with $6.5b+ in origination volume (a 46% YoY increase) in 2024 and #1 market share across 20+ metros.
The company offers a variety of products to investors, including bridge, new construction, and DSCR.
+ In February 2025, Kiavi closed a $300m rated securitization of residential transition loans - marking its 21st securitization.
At the end of the article, a spreadsheet showing Kiavi’s loans originated in Q4 2024 is available.
Introduction
Established in 2013, Kiavi is a leading private lender serving investors nationwide, operating across 45 states as of February 2025, up from 32 in April 2024. Headquartered in San Francisco, Kiavi has grown rapidly since inception and raised significant venture capital equity ($350M+) and debt capital along the way.
While Kiavi has grown to be the largest private lender nationwide, the market still supports a long tail of smaller regional lenders. In 2024, almost all MSAs had at least 100 different lenders completing 10 or more loans.
After a slowdown in 2023, Kiavi set origination volume records in 2024 and has sustained the record levels of the summer months into the winter, priming the company to reach new heights in 2025.
Data Overview
At SFR Analytics, we leverage nationwide deed and assessor data to track the single family rental market. To generate this analysis, we’ve:
Identified and reconciled the entities that fix-and-flip investors purchase properties under to have a complete picture of borrower activity and loyalty
Identified and reconciled the entities that Kiavi originates loans under
Analysis & Results
Origination Count & Volume
Origination count has continued to grow, exceeding 1,500 for the first time in April 2024 and sustaining through year end 2024.
Kiavi posted an all-time high monthly origination volume of $580m in April 2024. The company has been able to sustain and surpass these levels into the summer and the slower winter months, setting up what could be potentially significant new records in 2025.
Most Active Geographies
Philadelphia and Los Angeles were the most active metros for loans by Kiavi in 2024, followed by Atlanta, Detroit, and Las Vegas. Kiavi has a significant nationwide presence, making >100 loans in over 50 different metros.
Growth vs Other Lenders YoY
Many of the top lenders grew year-over-year between 2023 and 2024, with the fastest growing lender originating 75% more in volume comparing 2024 vs 2023. Note: we excluded CV3 because they started operations in 2023 and grew >800%, which would throw off the graph.
Kiavi’s growth is impressive given its scale as the number one lender by volume, but the market has kept up and Kiavi hasn’t made large leaps in nationwide market share, currently sitting at ~8% of the residential private lending market.
Geographic Distribution
While Kiavi operates nationwide, the company has a particularly strong presence in Southern California which accounted for >$1.5b of their origination volume in 2024.
The 13 new states that Kiavi started operating in are all small markets with Idaho being the largest, with almost $1b in originations in 2024 (for context, CA had $35b of originations).
Kiavi grew loan counts/volumes in the vast majority of markets they operate in. The only significant markets they had lower originations in where they aren’t the number one operator are El Paso, Tucson, Cape Coral, Nashville, and Sarasota.
Kiavi had the biggest YoY gains in Milwaukee, Minneapolis, Knoxville, and Chattanooga.
Transaction Details
At SFR Analytics, we track nationwide private lending activity. To see loan level details on the ~6,000 loans Kiavi originated in Q4 2024, you can access the spreadsheet below.