Point earns #24 and #1 on Built In SF’s Best Places and Best Small Places to Work
Palo Alto, Calif., Jan. 11, 2021 — Built In today announced that Point was honored in its 2021 Best Places To Work Awards. Specifically, Point earned a place on the 100 Best Places to Work, 50 Best Small Places to Work, and Best Paying Companies in the Bay Area. The annual awards include companies of all sizes, from startups to the enterprise, nationally and in the eight largest tech markets and nationally.
"We're proud of the team we've assembled and the incredible culture we've created," says Eddie Lim, Point's CEO. "It's gratifying to be recognized as #1 on a list of amazing companies."
Built In determines winners for Best Places to Work based on an algorithm using company data about compensation, benefits, and cultural programs. To reflect the attributes candidates are searching for on Built In today, this year's program weighted criteria more heavily, like remote opportunities and programs for diversity, equity, and inclusion.
“These companies raise the bar for cultural excellence and the ability to adapt to meet changing needs of employees,” says Sheridan Orr, Chief Marketing Officer at Built In. “The 2021 winners show a commitment not just to creating meaningful cultures but to delivering talent needs as they change in a dynamic landscape. We’re thrilled to extend our congratulations to the winners.”
Tech professionals rely on Built In’s Best Places to Work lists to discover employers that align with their preferences, passions, and values. Since its inception three years ago, the award has expanded in reach from online views of tens of thousands to just under 1 million views today.
Leading real estate, MBS investors commit $1 billion to Point for Home Equity Investments (HEI)
Palo Alto, Calif. – Aug. 31, 2021 – Point, a leading financial technology platform that allows homeowners to unlock home equity wealth without taking on additional debt, announced today that it has amassed more than $1 billion in new capital commitments from leading real estate and MBS investors, including Atalaya Capital Management, Kingsbridge Wealth Management, Palisades Group, and Redwood Trust.
“Closing our next $1 billion in capital commitments is a major milestone. Our mission to transform the cap table of home ownership now has the backing of the most respected names in residential real estate and, more importantly, is being embraced by homeowners across the country,” said Eddie Lim, co-founder and CEO of Point.
Point has seen Home Equity Investment (HEI) fundings surge over 100% in the first eight months of 2021, with more homeowners than ever looking for alternatives to traditional home equity loans, HELOCs, and cash-out refinances. These recently announced investments in Point’s HEI platform enable the company to support demand as homeowners emerge from the COVID-19 pandemic keen to tap into their home equity.
Bo Stern, Head of Portfolio Strategy and Risk for Redwood Trust (NYSE: RWT), said, “Redwood believes that Point’s innovative solution to enable homeowners to participate in the benefits of home price appreciation without having to sell their homes can significantly improve the quality of life for many households. Point has created a unique way to unlock a component of the $20+ trillion in current U.S. home equity by allowing homeowners to access money to pay down debt, make home improvements or address other financial needs, at competitive rates to financial alternatives.” He added, “The flexibility to freely repay the instrument without penalty, while not having any monthly payment obligation, has obvious appeal. We believe this financing alternative for homeowners squarely aligns with our mission to make quality housing accessible to all American households. Redwood is excited to partner with Point.”
“Atalaya is excited to renew our commitment to Point,” said Daniel Rosato, Managing Director at Atalaya Capital Management. “Since becoming Point’s first institutional forward flow investor in 2018, the HEI asset performance and Point’s management team have consistently exceeded our expectations. We believe that Point is the leader in the rapidly-developing Home Equity Investment asset class. Point’s products provide clear value to consumers who are underserved by traditional housing finance and aligns well with Atalaya’s effort to invest in platforms that provide access to fair and productive credit solutions. We are confident that our additional capital will support Point’s mission and we look forward to collaboration for years to come.”
Home Equity Investments (HEIs) are an innovative financing solution for U.S. homeowners with substantial equity in their home. With an HEI, homeowners free up home equity wealth for use today in exchange for a fractional interest in their home’s appreciation, sharing future home price risk with investors. Since the launch of Point’s platform in 2015, interest in HEIs has swelled as homeowners, still smarting from the housing crisis of 2007 and the role of mortgage debt in that crisis, seek new financial products that bring better alignment of interests between investors and homeowners. The global pandemic and growth in U.S. home prices have created unprecedented demand for the new product class.
“Home Equity Investments are an emerging asset class that is Kingsbridge’s most compelling investment strategy,” said David J. Dunn, Chief Investment Officer at Kingsbridge Wealth Management.
“Point has been instrumental as a Home Equity Investment industry pioneer, and Eddie Lim and the entire Point team have built the industry’s leading Home Equity Investment origination platform. Working with Point, we have been impressed with the level of transparency and commitment to not only the investor but also the interests of the homeowner. The Kingsbridge Alternative Strategies Fund has been purchasing Home Equity Investment contracts from Point’s platform since 2018 and we look forward to being a partner with Point as they continue to scale the asset class.”
Another established investor announcing its HEI investments on the Point platform is the Palisades Group. Jack Macdowell, Palisades’ Chief Investment Officer, shared, “Our partnership with Point is consistent with our strategy to focus on emerging products in the housing market and work alongside innovative industry leaders. Point’s product addresses a decades-long deficiency in residential housing by offering homeowners a non-debt alternative to access liquidity in their largest asset; and it is the only financial product that provides investors with attractive risk-adjusted exposure to owner-occupied housing. Our investment team is excited to work alongside Point to expand consumer awareness and bring liquidity to this evolving institutional asset class.”
