Generation Home, the fintech mortgage lender, has announced that it has secured £1 billion of funding from Waterfall Asset Management, LLC, an institutional asset manager focused on structured credit, to help expand its first-time buyer-focused mortgage offering. Waterfall’s investment will be partially financed by a senior warehouse facility from Barclays Bank PLC.
This additional funding will enable Generation Home to support its lending growth, while allowing an expansion of its higher LTV offering, including 95% LTV mortgages reserved for NHS employees.
Combined with the £300 million raised in April 2021, this funding will enable thousands of families find a path to homeownership that had been blocked by the limited flexibility offered by traditional mortgage lenders.
Generation Home launched in October 2020 with the mission to make everyone a homeowner. It has a strong focus on addressing the needs of first-time buyers, offering a range of flexible products that harness family support to solve widespread affordability and deposit challenges. Generation Home makes the ‘Bank of Mum and Dad’ accessible to more people by offering security and transparency to families who want to give a hand-up rather than a hand-out.
Increased affordability, a seamless tech-led experience, and strong customer advocacy has led to consistent growth in Generation Home’s lending volumes over the last 15 months. This facility will allow the company to continue its rapid growth through 2022, helping many more families secure their financial futures.
Will Rice, Co-founder and CEO of Generation Home said: “Capital accumulation is the greatest challenge faced by young people, who struggle to get onto the property ladder while saving for their own retirement. Our innovative products provide better ways for families to lend a hand and make it possible for millions to do this where they couldn’t before. The additional funding provided by Waterfall is a vote of confidence in an industry starved of innovation and will directly help thousands more aspiring homeowners realise their dream of homeownership.”
James Cuby, Managing Director at Waterfall, said: “We are pleased that our partnership with Generation Home will enable us to provide financing for residential mortgages in the UK and, particularly, first-time buyers. We are excited to support Generation Home in its expansion and to see how it can continue its vision of helping aspiring homeowners.”
