Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Setpoint Capital, announced it has provided a warehouse facility to UpEquity, an Austin-based mortgage technology company that provides solutions for home buyers to help them purchase a new home before they sell their current home. The facility will provide up to $200 million in financing capacity and is expected to support $1 billion in originations over the next 2 years.

The new facility supports UpEquity's continued high growth trajectory. The company's revenue tripled annually since it began offering its innovative 'buy before you sell' solutions in October 2023. UpEquity expects to continue this growth rate by expanding strategic partnerships with mortgage lenders, real estate brokers, and home builders.

"We are thrilled to work with Silicon Valley Bank and expand our relationship with Setpoint," said Timothy Herman, CEO of UpEquity. "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."

"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."