UpEquity, a mortgage technology company based in Austin, has secured a major funding facility to bolster its innovative offerings for homebuyers navigating the challenges of buying and selling simultaneously.
The company has obtained a warehouse facility worth up to $200m, jointly provided by Silicon Valley Bank (SVB), a division of First Citizens Bank, and Setpoint Capital. The funding is expected to enable up to $1bn in loan originations over the next two years.
UpEquity specialises in helping homebuyers purchase a new property before selling their existing one, using AI-powered tools to streamline transactions. Its key offerings include the Trade Up Program, which supports non-contingent bids, and the Equity Advance programme, which enables clients to unlock equity from their current homes to fund downpayments on new ones.
The new facility will support UpEquity’s continued growth, with the company reporting that its revenue has tripled year-on-year since launching its “buy before you sell” services in October 2023. It plans to maintain this trajectory by building on strategic partnerships with mortgage lenders, brokers and home builders.
UpEquity CEO Timothy Herman said, “We are thrilled to work with Silicon Valley Bank and expand our relationship with Setpoint.
“The strong demand for our product reflects how well it meets our partners’ and customers’ needs. This new facility will allow us to help more customers with a smoother transition from their old home to the next.”
SVB warehouse and FinTech group market manager Brian Foley said, “With their innovative financing solutions and platform, UpEquity is helping real estate professionals close significantly more transactions by solving the challenge of buying and selling a home at the same time.
“SVB is excited to work with UpEquity and provide them with the financial solutions they need to continue to scale and grow their business.”
Source: https://fintech.global/
