Better Home & Finance Holding Company (NASDAQ: BETR) shares picked up Tuesday. The company announced the successful amendment of its warehouse credit facility with a leading global banking institution, doubling the Company’s capacity of that facility from $175 million to $350 million.
The expansion increases the Company's total warehouse capacity from $575 million to $750 million, significantly strengthening Better's ability to fund anticipated origination growth in the coming months.
"As we head into what we expect to be a significant period of origination growth over the next few months, expanding our total warehouse capacity to $750 million will help us meet increasing borrower demand," said Treasurer Rob Wilson. "This amendment is a clear signal of the momentum we're building at Better."
“Expanding our total warehouse capacity to $750 million better positions us to keep pace with the opportunity in front of us. Our new partnership channel with Credit Karma is already generating strong top of funnel lead flow,” said CEO Vishal Garg. “Doubling the capacity of one our warehouse facilities is a direct reflection of the momentum we’re already seeing and will prepare us for what comes next.”
BETR shares hiked $1.46, or 4.4%, first thing Tuesday to $34.85.
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