Unlock Technologies Announces Closing of East West Bank Warehouse Facility

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.