Business
Better Mortgage Renews and Increases Warehouse Facility to $350 Million, Grows Total Warehouse Capacity to $850 Million
Better Home & Finance Holding Company (NASDAQ: BETR) (“Better,” “Better ...
About this update from Betterlife Pharma Inc.
[{"type":"text","content":"Better Mortgage Renews and Increases Warehouse Facility to $350 Million, Grows Total Warehouse Capacity to $850 Million\n\n\n\n\n\n\n Better Home & Finance Holding Company (NASDAQ: BETR) (“Better,” “Better Mortgage,” “the Company,” “we,” “our” or “us”) today announced the successful one-year renewal of its warehouse credit facility with a leading global investment firm, increasing the Company’s capacity of that facility from $250 million to $350 million.\n \n\n The expansion comes after the Company grew its total warehouse capacity to $750 million the week prior. Following this renewal, the Company's total warehouse capacity will increase from $750 million to $850 million, providing greater funding certainty as the Company continues to scale origination volume.\n \n\n Notably, a portion of the facility is committed, signaling the strength of the lender relationship and conviction in Better’s business at an important moment of growth.\n \n\n \"We have renewed all of our warehouse lines and increased capacity by over $275 million in the last three months. We appreciate the continued support of our lending partners and belief in Better’s growth trajectory,” said Rob Wilson, Treasurer.\n \n\n “We are thankful to our lending partners for leaning into and doubling down on Better in a tough macro and credit environment,” said Vishal Garg, CEO and Founder. “The consistent growth of our warehouse lines and total warehouse capacity is a clear signal that our lending partners recognize the progress Better has made in advancing AI adoption across the mortgage industry.”\n \n\n\n About Better Home & Finance Holding Company\n \n\n Better Home & Finance Holding Company (NASDAQ: BETR) is the first AI-native mortgage and home equity finance platform, and first fintech to fund more than $110 billion in loan volume. Since 2016, Better has leveraged its industry-leading AI platform, Tinman®, to achieve a singular mission of making homeownership cheaper, faster, and easier for all Americans. Tinman® allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy™, leveraging Tinman...