UpEquity receives warehouse facility from Silicon Valley Bank, Setpoint

Silicon Valley Bank (SVB), a division of First Citizens Bank, and lending partner Setpoint announced on Wednesday that they’re providing a $200 million warehouse facility to Austin-based mortgage tech firm UpEquity.

The funding is expected to support $1 billion in originations over the next two years, helping homebuyers purchase new homes before selling their current ones, and to support the growth of UpEquity.

“We are thrilled to work with Silicon Valley Bank and expand our relationship with Setpoint,” Timothy Herman, CEO of UpEquity, said in a statement. “The strong demand for our product reflects how well it meets our partners’ and customers’ needs. This new facility will allow us to help more customers with a smoother transition from their old home to the next.”

UpEquity’s revenue has tripled annually since it began offering its “buy before you sell” solutions in October 2023, according to a company news release.

“With their innovative financing solutions and platform, UpEquity is helping real estate professionals close significantly more transactions by solving the challenge of buying and selling a home at the same time,” said Brian Foley, market manager for SVB’s warehouse and fintech group.

“SVB is excited to work with UpEquity and provide them with the financial solutions they need to continue to scale and grow their business.”

Kendall Ranjbaran, managing director of investments at Setpoint, said the company has been supporting UpEquity with financing solutions since 2023, and Wednesday’s announcement “deepens” the partnership.

“UpEquity gives homeowners a fast, streamlined path to their next home — unlocking equity and eliminating friction in the process,” he said.