LGI Living pledges Tarrant and Bexar lots to Athene in one credit line
Reading both county records together shows one build-to-rent credit facility spanning Tarrant and Bexar counties, not two separate nine-figure loans.
LGI Living, the build-to-rent platform tied to homebuilder LGI Homes, recorded a deed of trust in Tarrant County on Oct. 19 pledging two platted lots to Athene Annuity and Life Company. The instrument recites a principal sum of $125,000,000, “or so much thereof as may be advanced.” The same day, the same borrower and the same lender recorded a separate deed of trust in Bexar County reciting that identical ceiling. Same parties, same lender, same ceiling, same signing window, filed roughly 270 miles apart.
Why it matters
A life insurer, not a bank, is the capital source behind a build-to-rent platform’s expansion across two Texas metros at once. Athene used this structure before: three Tarrant County deeds of trust recorded Oct. 8 each named Athene and each recited an identical $183,000,000 ceiling, one loan counted once across three sites, not three loans. The LGI Living filings fit that same pattern, a single credit facility with a stated ceiling that gets recited in full in every county where collateral sits. For operators watching institutional SFR lending, the structure matters as much as the headline number: it is a line of credit against a growing, cross-collateralized pool of parcels, not a one-time purchase-money loan.
The numbers
Both the Tarrant and Bexar instruments recite the same $125 million as the principal ceiling, “or so much thereof as may be advanced,” meaning the figure is a cap on borrowing, not proof the full amount has been drawn. The Tarrant filing covers two platted lots and the Bexar filing covers three. Both deeds of trust were signed Oct. 16 and recorded Oct. 19. Texas deeds carry no sale price, and the county clerk’s index does not break the ceiling into a per-parcel or per-county draw.
What’s next
Watch for additional county filings carrying the same $125 million ceiling, which would confirm more collateral under the same facility, and for any UCC filing or LGI Homes investor disclosure that states the facility’s actual size and draw status.
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On the record
Primary record
- Public recordWe read the Tarrant County deed of trust ourselves, then cross-checked the same-day Bexar County filing and found the identical lender, borrower and $125,000,000 principal figure, showing this is one multi-county build-to-rent credit facility rather than two separate $125M loans.View the record on tarrant.tx.publicsearch.us
- Bexar County Clerk, Deed of Trust 20260204847bexar.tx.publicsearch.us/doc/331701511