Unlock Technologies, a home equity investment technology company, and Saluda Grade, a private alternative real estate investment firm, secured a $300 million revolving credit facility from Barclays Bank. The revolving credit facility will provide Unlock with access to significant capital to serve its growing customer base.
“Fortified and diversified capital sources are instrumental to Unlock’s role as one of the leading providers of equity-based home finance products,” Jim Riccitelli, CEO and co-founder of Unlock, said. “We had tremendous origination growth in 2022, and this credit facility will accelerate our growth in 2023, enabling us to assist thousands of additional consumers to eliminate high-interest debt, restore their damaged credit and solve significant financial problems.”
Unlock’s home equity agreement (HEA) is an innovative and inclusive financing option for homeowners who want to access the equity they have built in their homes without securing a loan or taking on additional debt. Homeowners typically use the funds to pay down high-interest unsecured debt, make home improvements or boost savings. Unlock is currently operating in 15 states with plans to expand into more states in 2023.
“Unlock’s platform creates high-quality assets that provide significant value to homeowners and an attractive return to institutional investors,” Ryan Craft, CEO of Saluda Grade, said. “It’s incredibly exciting to have a global investment bank like Barclays support this innovative financial product. We expect this relationship to be a cornerstone of our growth in 2023 and beyond.”
