Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, and Best Egg, a financial technology company, that provides flexible solutions to help people with limited savings confidently navigate their everyday financial lives, entered into a $150 million credit facility, which will allow the partners to provide financial control to even more consumers and landlords through the Best Egg flexible rent program.
“We are committed to supporting the fintech pioneers who are providing cutting-edge solutions, even in difficult economic environments,” Rahul Jha, head of strategic direct lending at Cross River, said. “We’re pleased to be able to extend this credit facility to Best Egg and support the work they are doing with our marketplace lending team to provide consumers and landlords with greater control over their finances.”
The Best Egg Flexible Rent product is a loan offered for consumers and integrates with property management systems to allow landlords to provide renters with a flexible payment solution at the point of payment — at no additional cost to property managers. Qualified renters break up their rent into smaller payments aligned with their cashflow, giving them the flexibility to pay rent on their own unique schedules. Working hand in hand with renters and landlords, Best Egg Flexible Rent ensures on-time payments and reduces bad debt, while empowering renters to take charge of their finances and reduce the financial strain associated with paying for one of their most significant recurring expenses in one lump sum.
“This significant credit facility expands our partnership with Cross River and allows millions of renters across the country to use the Best Egg Flexible Rent program,” David Sullivan, managing director of Best Egg Flexible Rent, said. “We are thrilled to continue our collaboration with Cross River, a partner who truly understands the importance of financial flexibility and is committed to making a meaningful difference in the lives of those we serve.”
Best Egg and Cross River have been partners since 2013, with the bank powering the fintech’s originations to bring consumers access to credit. The recent $150 million revolving credit facility to Best Egg is consistent with previous credit facilities Cross River has extended to its fintech partners, and facilitates the Cross River strategic direct lending group’s objective to support existing partners and marketplace lending volumes through well-protected investment structures. Cross River’s credit facility deepens the relationship between the bank and Best Egg and highlights the future potential of the Best Egg flexible rent product.
