Cornerstone Financing, creator of CHEIFS (Cornerstone Home Equity Insurance/Investment Funding Solutions), secured a strategic asset purchase commitment of up to $1 billion from funds managed by affiliates of Fortress Investment Group. This agreement accelerates Cornerstone’s mission to help mass-affluent homeowners efficiently convert dormant home equity into liquidity without interest, debt or monthly payments through its flagship product, CHEIFS.
“CHEIFS solves one of the biggest challenges facing homeowners: finding liquidity for retirement, insurance, and long-term financial planning without disturbing their investment portfolio or liquidity,” Craig Corn and Dan Anderson, co-founders of Cornerstone, said in a joint statement. “With Fortress’s financing commitment, CHEIFS is positioned to become the next major part of holistic financial planning, allowing advisors to efficiently optimize over $35 trillion of home equity to better serve their clients.”
Stephen Wark, managing director, residential assets at Fortress Investment Group, said, “Through this forward flow agreement with Cornerstone, we’re pleased to support the expansion of the company’s home equity investment funding solution. We believe Cornerstone’s underwriting diligence, focus on prime borrowers and strong track record create a differentiated and compelling asset-backed financing opportunity that aligns with Fortress’s strategy to deliver attractive, risk-adjusted returns for investors.”
