Warehouse line will support continued growth and expansion
across the country
NEW
YORK, Aug. 15, 2024 /PRNewswire-PRWeb/
-- Unlock Technologies, a leading home equity investment
technology company, has closed a new revolving warehouse facility
with East West Bank.
Unlock's home equity agreement empowers
homeowners to access their home equity in exchange for a portion of
their home's future value – without monthly payments or interest
charges.
"Strong investor demand for our recent rated securitization,
along with this new financing line, demonstrates growing investor
confidence in Unlock's innovative home equity agreement (HEA),"
said Jim Riccitelli, CEO at Unlock.
"This transaction with East West
Bank allows Unlock to further support surging consumer
interest in HEAs and deliver innovative equity-based financing
solutions to the market."
Unlock's HEA empowers homeowners to access their home equity in
exchange for a portion of their home's future value – all without
any monthly payments or interest charges. Unlock has seen
significant growth in recent years, driven by the current economic
climate, a growing securitization market and homeowners actively
seeking alternative financing solutions.
"With record home equity levels amidst persistent high
inflation, volatile interest rates and growing personal debt, more
homeowners are turning to HEAs to access their home equity without
the constraints of traditional loans," said Peter Silberstein, chief capital officer at
Unlock. "This new facility represents a significant step forward,
allowing us to further refine our strategy and deliver exceptional
value to U.S. homeowners."
Joe Weingarten, managing director
of structured finance at East West, said, "Consistent with our
mission of helping our customers reach further, we are pleased to
support Unlock's progress in the HEA sector and are excited for the
continued opportunities that lie ahead."
About Unlock Technologies (http://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, a
financing option for homeowners who want to access the equity they
have built in their homes without taking out a loan. To date,
Unlock has helped more than 9,000 homeowners in 16 states access
their home equity.
About East West Bank
(http://www.eastwestbank.com)
East West Bank provides financial
services that help customers reach further and connect to new
opportunities. East West Bancorp, Inc. is a public company (NASDAQ:
EWBC) with total assets of $72.5
billion as of June 30, 2024.
The company's wholly owned subsidiary, East West Bank, is the
largest independent bank headquartered in southern California, and operates over 110 locations in
the United States and Asia. The bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New
York, Texas and
Washington.
Contact: Michael Micheletti,
michael@unlock.com, 415-359-6985
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SOURCE Unlock Technologies