Leading Asset Management Firm Invests to Help Point Expand Its Product Offering
PALO ALTO, Calif., April 18, 2018 — Point, a leading financial technology platform that allows homeowners to unlock home equity wealth without taking on new debt, announced today that it has agreed to a forward flow purchase program with investment firm Atalaya Capital Management to purchase up to $150 million of Point’s structured home equity investment instruments.
“We’re thrilled with our progress at Point this past year, proving out the platform and bolstering a housing finance product that fundamentally aligns homeowners with investors,” said Eddie Lim, co-founder and chief executive officer, Point. “The partnership with Atalaya allows us to bring our product to many more homeowners and otherwise enhances our operating platform. With Atalaya’s investment, we will continue improving our marketing infrastructure, underwriting automation, data assets and other tools to continue to drive value for homeowners and investors in the structured home equity arena.”
Point is transforming home ownership by providing consumers with access to the available wealth in their homes without incurring additional leverage and debt service, something that is very valuable to a wide swath of consumers. The flow arrangement announced today with Atalaya will enable Point to grow its originations and will support the company’s mission of helping homeowners improve their financial and property health.
“Atalaya was impressed with Point’s track record developing this emerging asset class, one that strongly correlates with our existing investment strategies,” said Raymond Chan, partner, Atalaya Capital Management. “Atalaya is extremely impressed with Point’s management team and existing financial sponsors. We are excited to join Point and help them continue bringing their innovative and valuable consumer financing solutions to a very large addressable market. Atalaya has significant experience investing and scaling with partners within both the real estate and specialty finance verticals, and we believe that our capital and collaboration will help Point successfully execute on its business plan.”
Currently, Point invests in homes across California, Washington, Oregon, Massachusetts and Colorado, with plans to roll out to additional markets throughout 2018.
Point began originating its structured home equity investment products in 2015. The Company is backed by some of the nation’s leading venture capital firms and individual investors including Andreessen Horowitz, Ribbit Capital, Bloomberg Beta, Vikram Pandit and Laurence Tosi.
For more information, please visit point.com.
Point is a leading financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt and gives investors access to a differentiated asset class within the broader single family residential real estate universe. Launched in 2015, Point was founded by Eddie Lim, Eoin Matthews and Alex Rampell following their own frustrations with home financing. The Palo Alto-based company is backed by some of the nation’s leading venture capital firms and individual investors including Andreessen Horowitz, Ribbit Capital, Bloomberg Beta, Vikram Pandit and Laurence Tosi. For more information, please visit www.point.com.
About Atalaya Capital Management LP
Atalaya Capital Management LP is a privately held, SEC-registered, alternative investment advisory firm with approximately $3 billion in assets under management. Atalaya is a private credit and special opportunities alternative investment manager that invests across three asset classes – corporate, financial assets and real estate. Founded in 2006, Atalaya is headquartered in New York City. www.atalayacap.com
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Related Links:Atalaya, Eddie Lim, Ray Chan, shared equity