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Schiano commented: “We’re incredibly proud to be helping individuals and families across the United States achieve their goals. Spring EQ has helped redefine the home equity financing process by combining exceptional digital experiences and tailored solutions. This partnership with Cerberus comes at a perfect time in our journey. The Cerberus team’s mortgage expertise, technology capabilities, and operational resources will help propel our growth, better positioning us to make an even greater impact.”
Read next: Spring EQ moves to new headquarters
“There is accelerating demand for home equity solutions, and Spring EQ is already a leader in the growing market,” said Joe Steffa, managing director of Cerberus Residential Opportunities. “Amid higher interest rates and record levels of untapped residential home equity in the United States, Spring EQ is providing American homeowners a simpler, more transparent alternative to unlocking their value. We’re excited to partner with Jerry and the team to deliver unparalleled experiences to customers on an expanded scale.”
The deal is expected to be closed in the fourth quarter of 2023.
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