Unlock closes company record $303M HEA securitization

Fintech Unlock Technologies announced on Wednesday the closing of its sixth home equity agreement (HEA) securitization, issued and sponsored by Saluda Grade.

The transaction securitized $303 million of HEAs originated and managed by Unlock, marking the company’s largest securitization to date and its second deal of 2025. The deal closed on Nov. 14.

The securitization — which was significantly oversubscribed and drew more than $1 billion in orders and multiple first-time investors — issued $167.7 million of senior Class A securities rated A (low); $47.8 million of mezzanine Class B securities rated BBB (low); $39.7 million of subordinate Class C-rated BB; and $48.3 million of subordinate Class D non-rated securities.

The transaction marked the firms’ first HEA securitization with a senior class rated A (low).

“With each successful securitization, we’re demonstrating the utility and value of our home equity agreement: to our homeowners as an innovative home financing solution, and to our institutional investors as an attractive new asset class,” Unlock CEO Jim Riccitelli said in a statement.

“This deal accelerates our journey toward making it easier and more affordable for homeowners to access their home equity, without adding a monthly payment.”

Barclays Capital acted as a structuring lead, with Jefferies LLC as joint bookrunner. Texas Capital Securities and East West Markets were co-managers.

“Achieving our first A (low) rated senior class and tightest credit spreads to date demonstrates the confidence institutional investors have in this asset class and the continued maturation of the home equity agreement market,” said Timothy Carr, chief investment officer at Saluda Grade.

“The overwhelming response — more than $1 billion in orders — shows that investors recognize HEAs as a sustainable, performance-driven investment opportunity that also deliver meaningful financial flexibility to homeowners.”

“Tappable equity remains near historic highs, while consumer debt and household expenses continue to rise, and American families are increasingly looking to home equity as a valuable financing solution,” Ricitelli added.

“According to our latest survey, 60% of homeowners say having the option to leverage home equity provides an extra level of financial security — and that peace of mind is needed right now.”