Splitero Announces $350M Capital Commitment from Blue Owl Managed Funds
PRNewswire 5-Dec-2024 7:00 AM
Home Equity Investment Originator to Provide More Homeowners Access to Equity and Announces Expansion into Tennessee and Virginia
SAN DIEGO, Dec. 5, 2024 /PRNewswire/ -- Splitero, the financial technology company that provides homeowners better options to access their home equity, announced a programmatic purchase commitment from funds managed by Blue Owl Capital ("Blue Owl"). Blue Owl's Alternative Credit strategy funds will purchase up to $350 million of Home Equity Investments.
In addition, Splitero announced today that it expanded its home equity solutions to Tennessee and Virginia to provide more homeowners with access to home equity.
"We are excited to collaborate with Blue Owl as we further drive our mission to provide homeowners the support they need," said Splitero Founder and CEO Michael Gifford. "This investment allows us to ensure that more homeowners can access their home equity to secure their financial future."
"Blue Owl is pleased to provide a capital commitment from its funds that will further enable Splitero to expand homeowners' access to capital," said Ivan Zinn, Head of Alternative Credit at Blue Owl. "We look forward to seeing Splitero's continued success and helping support them in this next phase of growth."
This strategic investment allows Splitero to help more homeowners access equity from their homes as consumer debt reaches all-time highs and the cost of living continues to climb.
According to data from ICE Mortgage Monitor, U.S. homeowners collectively hold $11.5 trillion of accessible home equity. Splitero provides homeowners with a lump sum of cash in exchange for a share of their home's future value with no additional monthly payments or new debt. These Home Equity Investments (HEIs) enable homeowners to access their home equity to improve their lives—whether by paying off debt, funding home renovations, or achieving other financial goals, all without needing to sell their home or refinance an existing low-interest mortgage.
About Splitero
Splitero is a financial technology company that provides homeowners better options to access their home equity. Founded by real estate veterans, Splitero provides a lump sum of cash in exchange for a share of the home's future value. Splitero can help homeowners in Arizona, California, Colorado, Oregon, Tennessee, Utah, Virginia, and Washington access their equity with no monthly payments or new debt. For more information, visit www.splitero.com.
About Blue Owl
Blue Owl (NYSE:OWL) is a leading asset manager that is redefining alternatives.
With $235 billion in assets under management as of September 30, 2024, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.
Together with over 1,050 experienced professionals, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.
Media Contacts
Jennifer Avrhami, Publicist
Pitch Public Relations
602-885-5366
Jennifer@pitchpublicrelations.com
Nick Theccanat
Principal, Corporate Communications & Government Affairs
Nick.Theccanat@blueowl.com
+1 212-970-6868
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SOURCE Splitero
