Splitero, a financial technology company that provides homeowners options to access home equity, has expanded into Florida, Nevada, Ohio, Pennsylvania, and South Carolina.
This expansion addresses housing markets burdened by rising living costs and inventory shortages, offering a timely solution as many homeowners are locked into mortgage rates and in need of a pathway to home equity.
“Homeowners are seeking smarter ways to access their home equity without additional debt, selling or refinancing their homes,” Michael Gifford, CEO and founder of Splitero, said in a release. “We are happy to support families in reaching their financial goals.”
Available home equity has reached record highs, with almost $11.5 trillion total available to homeowners.
“Many homeowners in Florida, Nevada, Ohio, Pennsylvania, and South Carolina are equity-rich, meaning they have outstanding loan balances amounting to less than half their property’s market value,” Clifford added. “Splitero offers homeowners a powerful opportunity to access their equity and use it to enhance their lives without taking on additional debt, especially as consumer debt reaches all-time highs and the cost of living continues to climb.”
Splitero Home Equity Investments (HEI) allow homeowners to use their home equity to pay off debt, renovate or work toward other financial goals without selling their home or refinancing a low-interest rate mortgage.
Splitero’s Maturity Match aligns homeowners’ HEI term length with their remaining senior mortgage timeline so they don’t have to repurchase their HEI option before paying off their mortgage. Homeowners can repurchase anytime within their term without penalty.
Splitero operates in Arizona, California, Colorado, Florida, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, and Washington and plans to expand into more states throughout 2025.
The company recently secured a $300 million strategic investment from funds managed by Antarctica Capital and a $350 million capital commitment from Blue Owl-managed funds to provide more homeowners access to their home equity.