TSL Express Daily News

Additional capital serves growing home equity agreement investments

NEW YORK, Sept. 13, 2023 /PRNewswire-PRWeb/ -- Unlock Technologies Inc. (Unlock), a leading home equity investment technology company, and Saluda Grade, a private alternative real estate investment firm, have secured a $100 million revolving credit facility led by Texas Capital Bank (Texas Capital). The revolving credit facility will provide Saluda Grade with additional capital to purchase home equity agreement (HEA) contracts to serve the growing needs of its HEA investments.

"Unlock is the industry's fastest-growing shared equity platform. Since our founding in 2020, we've built a next-generation product and helped more than 4,500 homeowners tap into their home equity," said Jim Riccitelli, CEO and co-founder of Unlock. "We were the first HEA company to increase home equity access for consumers who had less-than-perfect credit or had debt-to-income constraints. We're excited to partner with Texas Capital as we begin our next stage of growth."

Texas Capital is the latest lender to enter the fast-growing HEA space. Unlock selected Texas Capital for its expertise in warehouse financing, and ability to structure and support Saluda Grade-issued Unlock HEA securitizations. The $100 million credit facility led by Texas Capital represents Saluda Grade's second financing of HEA investments.

Earlier this year, Saluda Grade secured a $300 million warehouse line from Barclays Bank PLC.

"We strive to provide clients with unique capital solutions, particularly given Texas Capital's dedication to being the first call for leading clients in our covered industries," said Daniel Hoverman, Head of Corporate and Investment Banking at Texas Capital. "This credit facility enables both Saluda Grade and Unlock to grow their platforms and meet demand from investors."

"We continue to see unparalleled excitement around home equity agreements and shared equity products on both the consumer and investor sides," said Ryan Craft, CEO of Saluda Grade. "Unlock's HEA provides a streamlined approach to accessing home equity in an uncertain economy where consumers continue to grapple with high interest rates and limited availability of mortgage products."

Disclaimer:
This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to any for any other securities, and shall not constitute an offer, solicitation or sale. Any offers will be made only by means of a private offering memorandum.

Forward-looking statements:
Statements in this press release have "forward-looking statements," and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements.

About Unlock Technologies‥(https://www.unlock.com)
Founded in 2020, Unlock Technologies is a financial technology company providing products and services that help consumers solve financial challenges and improve their financial health. The company's flagship product is its home equity agreement (HEA), a‥financing option for homeowners who want to access the equity they have built in their homes without taking out a loan.

About Texas Capital (http://www.texascapital.com)
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000 ® Index and the S&P MidCap 400®, is the holding company of Texas Capital, a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the firm is headquartered in Dallas, with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. Trading in securities and financial instruments, strategic advisory, underwriting and other investment banking activities are performed by TCBI Securities, Inc. TCBI Securities, Inc., doing business as Texas Capital Securities, is a member of FINRA and SIPC, and has registered with the SEC and other state securities regulators as a broker dealer. TCBI Securities, Inc. is a subsidiary of Texas Capital Bank. Member FDIC.

About Saluda Grade
Saluda Grade is a synergistic and vertically integrated advisory and asset management platform focused on investments in the alternative non-bank lending sector, real estate debt and equity, and hard-assets sector. Headquartered in New York City, the firm was founded in 2019.

Media Contact

Michael Micheletti, Unlock Technologies, 415-359-6985, michael@unlock.com, www.unlock.com