Cerberus Financing Landlords Wall Street Can’t Reach: Mortgages

Cerberus Capital Management LP is entering the booming market for single-family homes to rent, planning to lend billions of dollars to investors too big for government programs and too small to get Wall Street funding.

The investment firm, which oversees more than $20 billion, started First Key Lending this year, charting a separate path from rivals such as Blackstone Group LP and Colony Capital LLC that are competing to buy thousands of foreclosed properties a month in cities across the U.S.