Figure to Buy Fix-and-Flip Lender in Deal With Sixth Street

Figure Technology Solutions Inc. is acquiring Kiavi, a leading lender to home flippers and smaller landlords in the US, and forming a joint venture with Sixth Street to buy an accompanying loan portfolio.

Already a major player in home equity lending, Figure is acquiring Kiavi’s technology and operating platforms, according to a statement Wednesday. Figure and Sixth Street will take on Kiavi’s existing loan book as part of the transaction, which is valued at $717 million in total.

Institutional money managers have grown increasingly interested in finding ways to extend financing to smaller real estate entrepreneurs who might have ...