This
move
follows
a
mid-November
2024
expansion
to
Arizona.
In
December,
Splitero

received
$350
million
in
funding
from

Blue
Owl
Capital
while
also
expanding
to
Tennessee
and
Virginia.
Before
that,
the
company
secured
$300
million
from

Antarctica
Capital
in
October.

Splitero
also
offers
its
products
in
California,
Colorado,
Oregon,
Utah
and
Washington.

Rising
home
equity
values
are
prompting
homeowners
to
access
their
equity,
the
company
said.
According
to
a

report
from

ICE
Mortgage
Technology,
the
average
homeowner
has
$319,000
of
equity
—
and
$207,000
of
that
is
considered
tappable,
meaning
that
it
can
be
accessed
while
retaining
a
20%
equity
cushion.
Collectively,
U.S.
homeowners
have
more
than
$11
trillion
in
tappable
equity.

Splitero
founder
and
CEO
Michael
Gifford
said
his
company
is
in
prime
position
to
offer
support.

“Homeowners
are
seeking
smarter
ways
to
access
their
home
equity
without
additional
debt,
selling
or
refinancing
their
homes,”
Gifford
said
in
a
statement.
“We
are
happy
to
support
families
in
reaching
their
financial
goals.” 

Homeowners
in
five
new
states
added
this
week
are
“equity-rich”
with
property
values
that
dwarf
their
outstanding
loan
balances,
according
to
Splitero.

“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,”
Gifford
added.

Through
its
home
equity
investments,
the
company
offers
a
lump-sum
payment
of
up
to
$500,000
without
requiring
any
income
verification,
credit
checks
or
monthly
payments.
Homeowners
must
share
a
portion
of
their
property’s
future
appreciation,
although
they
can
repurchase
this
amount
at
anytime.

“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.”
the
company
explained.

The
company
also
operates
its
own
brokerage
—

Splitero
Homes
—
for
homeowners
who
already
work
with
Splitero.

Splitero’s
expansion
comes
at
a
time
when
home
prices
and
equity
are
ramping
up
nationwide.
A

recent
report
from
home
equity
solutions
provider

Unison
found
that
equity
reached
$35
trillion
in
mid-2024,
up
$4
trillion
year
over
year.
Home
equity
also
accounted
for
one-fifth
of
household
net
worth.

HEIs
are
also
coming
under
scrutiny
from
the

Consumer
Financial
Protection
Bureau
(CPFB),
which
recently

warned
consumers
that
these
contracts
carry
multiple
risks
due
to
their
nonstandard
disclosures,
difficulties
in
calculating
the
final
amount
owed
and
outside-the-box
regulatory
status.