Figure–Kiavi Acquisition: What Changes in Lending Access?

The Figure–Kiavi acquisition closed on September 1, 2026. For brokers, the effect on lending access depends on a separate step: the rollout of Kiavi’s technology through Figure’s partner network. As of September 2, the closing filing and completion announcement describe that broader distribution prospectively. They do not establish access for a particular broker or supply new borrower pricing or eligibility rules.

What Figure acquired on September 1

Kiavi survived the merger as a wholly owned Figure subsidiary. Figure’s September 1 Form 8-K reports approximately $590 million in cash consideration, net of cash acquired, for Kiavi’s technology platform and debt service coverage ratio, or DSCR, loans on its balance sheet. The consideration remains subject to customary adjustments. These are the disclosed closing terms, rather than the earlier transaction presentation’s estimates. September 1 Form 8-K

The product distinction matters. Kiavi’s residential transition loans, or RTLs, provide short-term financing for investment properties; its DSCR products are long-term rental-property loans. Figure’s June 10 announcement described a business serving investors buying, renovating and renting properties. Brokers therefore need confirmation for the particular product they intend to originate. June 10 acquisition announcement

Where Sixth Street and the loan holdings fit

Figure’s June 10 presentation outlined a structure in which RTL assets would go to a Sixth Street-controlled joint venture, while Figure would acquire the operating platform and DSCR loans. The venture was intended to support RTL origination with less capital committed by Figure, while Figure Connect would support funding and distribution. Transaction presentation, pages 6 and 9

The September 1 release confirms that the Figure–Sixth Street venture purchased loans from Kiavi’s balance sheet. Its description is broad and does not identify each transferred loan. Closing announcement

For brokers evaluating a lender’s business and origination model, this separates two questions: who operates the lending technology, and who owns or funds the loan assets. The venture’s purchase is part of the transaction’s capital structure. It does not itself establish a new credit approval for an investor or a submission channel for a broker.

What is announced for Figure Connect?

Figure said Kiavi’s brand, platform and technology would be integrated across more than 480 active ecosystem partners through Figure Connect. That figure describes the partner ecosystem; it is not a count of partners already offering Kiavi’s technology. The release provides no partner-by-partner activation schedule. September 1 rollout announcement

Some Figure partners were already originating DSCR loans, according to the June presentation. Their prior activity does not establish that Kiavi’s technology has been deployed to them. June transaction presentation, page 7

For single-family investor financing, the useful test is whether the announced integration gives the broker a working route to a loan. Confirm that a named channel can accept the relevant property and borrower, issue a quote, identify the underwriting decision-maker and explain the funding process.

Does the acquisition change pricing or eligibility?

The transaction materials reviewed do not publish an acquisition-specific rate sheet or revised borrower eligibility matrix. Figure’s June announcement emphasized anticipated efficiencies in onboarding, origination and capital markets operations. Those objectives do not establish that savings will reach borrowers through lower rates or fees. Original acquisition announcement

When comparing an existing Kiavi offer with a newly available channel, request quotes for the same property, loan amount, term, leverage and expected closing date, and compare the fees. For a rental loan, include the rent used in qualification and any prepayment charge. Keep DSCR qualification separate from investment cash flow when evaluating the offer.

For a renovation loan, ask about the rehabilitation budget, draw process and extension terms. These are points to compare, not terms the disclosures say changed at closing.

What to confirm for an existing loan file

The corporate disclosures do not provide instructions for individual files. Before moving an application or revising a closing plan, ask the lender or account representative for written answers:

• Application ownership: Who is responsible for the file, and does it stay in the current portal?
• Underwriting: Which guideline version applies, and will previously cleared conditions be reviewed again?
• Price and timing: Is an existing quote or lock still valid, and who confirms the scheduled funding date?
• After funding: Who handles payments, rehabilitation draws, extensions and payoff requests, as applicable?

Suppose a broker has a renovation loan awaiting final conditions and sees a new Figure channel advertised. The relevant comparison is the written offer and remaining work in each channel. Before switching, ask whether another valuation, document review or approval would be required. Use a dated program guide, confirmed channel access and written instructions for the individual file to decide whether the move fits the closing plan.