Momnt, a leading fintech company specializing in real-time lending and payment solutions for businesses, and Saluda Grade, a synergistic and vertically integrated investment platform investing in emerging asset classes within the U.S. real estate sector, have closed an asset-backed revolving warehouse facility of up to $200 million from Macquarie Group (“Macquarie”). The facility provides the Momnt / Saluda Grade joint venture with the additional capacity to purchase Momnt-facilitated home improvement loans, allowing the joint venture to provide U.S. homeowners with improved access to home renovation financing and to continue its success in broadening institutional support of the asset class via securitization.
“Momnt is thrilled to expand our partnership with Saluda Grade with the addition of new warehouse financing from Macquarie,” said Chris Bracken, the Chief Revenue Officer of Momnt. “Momnt and Saluda Grade share our conviction that the U.S. homeowner will continue to invest in their largest asset, and this new financing facility will allow us to continue to scale.”
Headquartered in Atlanta, Momnt launched its platform in 2020 in the home improvement industry and has since grown to become one of the preeminent market leaders in point-of-sale financing.
“We believe Momnt is poised to become a market leader in home improvement financing via embedded technology,” said Brad Hartung, Senior Portfolio Manager at Saluda Grade and Board Member at Momnt. “We have been impressed with their ability to scale and execute, and we believe they will continue to effectively address the need to improve the aged U.S. housing stock through differentiated financing options. In addition to the recently announced MMNT 2023-1 securitization, this warehouse facility from Macquarie is another clear indication of growing interest in the asset class and a strong vote of confidence in Momnt as a market leader.”
Macquarie’s Fixed Income and Currencies team, based in New York, provided the financing after recognizing both Saluda Grade’s experience in the alternative credit space and Momnt’s institutional quality.
“We are pleased to support the Momnt / Saluda Grade joint venture with this warehouse facility, demonstrating our expertise in financing a range of assets to support our clients’ growth,” said Eli Nafisi, Senior Managing Director in Macquarie Group’s Commodities & Global Markets business. “Macquarie’s Fixed Income and Currencies team has over 20 years’ experience providing capital in all market conditions. With this warehouse facility, we look forward to supporting the joint venture as it continues to scale.”
About Momnt
Momnt is a state-of-the-art financial services technology platform that revolutionizes how merchants offer financing. Through Momnt’s embedded lending solution, businesses can effortlessly provide customers with simple, fast, and affordable financing options, all delivered through a seamless process. Momnt drives growth for merchants, extends personalized financing to consumers, and generates new revenue sources for financial institutions. Visit momnt.com to learn more.
About Saluda Grade
Saluda Grade is a synergistic and vertically integrated advisory and asset management platform focused on investments in the alternative non-bank lending sector, real estate debt and equity, and hard assets. Headquartered in New York City, the Firm was founded in 2019. See www.saludagrade.com for additional information.
About Macquarie Group
Founded in 1969, Macquarie employs over 21,000 people in 34 markets. Commodities and Global Markets (CGM), an operating group of Macquarie, has more than 40 years of partnering with our clients to provide capital and financing, risk management, market access, and physical execution and logistics solutions across commodities, financial markets and asset finance sectors. For further information, visit our website.
Disclaimer:
This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to any for any other securities, and shall not constitute an offer, solicitation or sale. Any offers will be made only by means of a private offering memorandum.
Forward-looking statements:
Statements in this press release have “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements.
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