Home equity investment companies were busy last month, securing investments and issuing securitizations.
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The following is a roundup of recent news from some of those firms making moves in the marketplace.
Myriad Group invests in The Home Equity Partners
The Home Equity Partners, a Canadian financial solutions company, announced Nov. 26 an investment from The Myriad Group, a Canadian real estate company. As part of the investment, Myriad Group Vice President of Finance and Operations Kyle Goldenberg will join The Home Equity Partners' advisory board.
"Canadians are house rich and cash poor, with many unable to keep up with mortgage payments. We are on a mission to solve that," said Shael Weinreb, Founder & CEO of The Home Equity Partners, in a press release. "The Myriad Group has a long-standing legacy in real estate, and its continued commitment to innovation makes it the perfect partner for what we're building. We are thrilled to have Kyle Goldenberg join the advisory board as we continue to expand and serve Canadian homeowners."
Cornerstone secures $1 billion in financing from Fortress
Cornerstone Financing landed a $1 billion financing investment from Fortress, it announced Tuesday. The deal accelerates Cornerstone's mission to "help mass-affluent homeowners efficiently convert dormant home equity into liquidity without interest, debt or monthly payments," the company said in a press release.
"With Fortress's financing commitment, [Cornerstone Home Equity Insurance/Investment Funding Solutions] is positioned to become the next major part of holistic financial planning, allowing advisors to efficiently optimize over $35 trillion of home equity to better serve their clients," said Craig Corn and Dan Anderson, co-founders of Cornerstone, in a joint statement.
Point and Blue Owl issue $390 million HEI securitization
Point, a leading home equity investment platform, and funds managed by Blue Owl issued a $390 million securitization of home equity investment assets, the companies announced earlier this month. The transaction closed on Oct. 28 and was Point's third securitization this year.
"This transaction reflects growing confidence in home equity investments as a mainstream asset class," said Eddie Lim, co-founder and CEO of Point.
