Unlock Technologies and Saluda Grade Secure $300 Million Credit Facility from Barclays in Landmark Deal for the Home Equity Investment Industry

NEW YORK, Feb. 23, 2023 /PRNewswire/ -- Unlock Technologies Inc. (Unlock), a leading home equity investment technology company, and Saluda Grade, a private alternative real estate investment firm, today announced that they have secured a $300 million revolving credit facility from Barclays Bank PLC (Barclays). The revolving credit facility will provide Unlock with access to significant capital to serve its growing customer base.

"Fortified and diversified capital sources are instrumental to Unlock's role as one of the leading providers of equity-based home finance products," said Jim Riccitelli, CEO and co-founder of Unlock. "We had tremendous origination growth in 2022, and this credit facility will accelerate our growth in 2023, enabling us to assist thousands of additional consumers to eliminate high-interest debt, restore their damaged credit and solve significant financial problems." 

Unlock's home equity agreement (HEA) is an innovative and inclusive financing option for homeowners who want to access the equity they have built in their homes without securing a loan or taking on additional debt. Homeowners typically use the funds to pay down high-interest unsecured debt, make home improvements or boost savings. Unlock is currently operating in 15 states with plans to expand into more states in 2023.

"Unlock's platform creates high-quality assets that provide significant value to homeowners and an attractive return to institutional investors," said Ryan Craft, CEO of Saluda Grade. "It's incredibly exciting to have a global investment bank like Barclays support this innovative financial product. We expect this relationship to be a cornerstone of our growth in 2023 and beyond."

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 (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 (HEA), a financing option for homeowners who want to access the equity they have built in their homes without taking out a loan.

About Saluda Grade (http://www.saludagrade.com)
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.

SOURCE Unlock Technologies