Momnt, a fintech company specializing in real-time lending and payment solutions for businesses, and Saluda Grade, an investment platform investing in emerging asset classes within the U.S. real estate sector, have secured an uncommitted asset-backed revolving warehousing facility of up to $150 million from Jefferies. The facility will provide Saluda Grade with the additional capacity to purchase Momnt-facilitated home improvement loans to further its goals of broadening institutional support of the asset class via securitization and improving access to home renovation financing to the U.S. homeowner.
“Momnt is thrilled to partner with Saluda Grade and to obtain warehouse financing from Jefferies as we continue to expand our home improvement business,” Chris Bracken, chief revenue officer of Momnt, said. “We are strong believers in the creditworthiness of the U.S. homeowner, and we are excited about the opportunity to provide attractive financing to homeowners while supporting the small businesses who rely on our financing platform.”
Headquartered in Atlanta, Momnt launched its platform in 2020 in the home improvement industry and has since grown to become a provider of point-of-sale financing.
“We believe Momnt is poised to become a market leader in home improvement financing via embedded technology,” Brad Hartung, senior portfolio manager of Saluda Grade, said. “We have been impressed with their ability to scale and execute, and we believe they will continue to effectively address the need to improve the aged U.S. housing stock through differentiated financing options.”
