EquiFi to launch shared equity solution for homeowners looking for cash
EquiFi Corporation, developers of the Equity Funding Instrument (EFI™), a home equity-based financing solution transforming the relationship between debt, equity and homeownership, today announced it has closed a $2.5 million convertible debt funding round. The round included participation from a private investment firm and from the founders of Intero Real Estate.
EquiFi’s EFI™ offers homebuyers the ability to benefit from an equity co-investment which can be used to make a larger down payment, and for existing homeowners provides access to a portion of their locked up home equity without incurring debt. EquiFi will license the EFI to “origination partners” – banks, mortgage lenders, credit unions, corporations, and public organizations – which will market the EFI directly to new and existing homeowners.
“We’re very excited to announce the completion of this influential funding round. The capital raised will fund ongoing operations, including the continued development of our technology platform, ongoing federal and state regulatory activities, and the building of strategic relationships with the capital markets to meet the growing consumer demand for equity alternatives to debt,”
David Shapiro, founder and chief executive officer, EquiFi Corporation
This convertible funding round is structured to provide bridge capital as the company achieves a series of early-stage operational milestones, with the notes intended to convert to a follow-on Series A preferred stock equity round in the near term.
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