Achieve Closes $226 Million Heloc Securitization

Digital personal finance company Achieve on Monday announced the Aug. 14 close of a $266 million, AAA-rated securitization backed by newly originated home equity lines of credit (HELOCs).

The securitization includes six classes of rated mortgage-backed notes and two classes of unrated notes. The deal is backed by more than 3,300 HELOCs originated by Achieve Home Loans, a press release from the company confirmed.

The deal was co-sponsored by Achieve and Sutton Funding LLC, an affiliate of Barclays Capital Inc. Barclays served as the sole structuring agent and lead bookrunner. Jefferies served as the joint bookrunner, and Guggenheim Securities and Performance Trust each served as a co-manager for the transaction.

As of June 30, 2025, the HELOC portfolio had a weighted average seasoning of two months, an unpaid principal balance of $226 million and an original balance of $229 million.

The deal includes overcollateralization and other credit enhancements, with a pro rata payment structure for Classes A-C that allows subordinate debt to pay down faster than in a sequential deal.

“This latest ABS transaction delivered a higher advance rate than our prior deals and introduced deeper credit bond classes to meet strong investor demand, resulting in a more efficient overall structure,” said Kyle Enright, Achieve’s president of lending.

Achieve’s fixed-rate, fully amortizing HELOCs are designed for debt consolidation, home renovations or large purchases, the company’s release detailed. Loans are fully drawn at origination, carry 10- to 30-year terms with a five-year draw period, and have no prepayment penalties.

To qualify for a debt consolidation HELOC, borrowers must lower their monthly obligations compared to prior unsecured debt. Since 2019, Achieve customers have saved an average of about $800 per month, the company claims.

Most HELOCs are secured by junior liens, with some first-lien loans included.

“This transaction reflects the continued growth and investor confidence in Achieve’s HELOC platform,” said Andrew Housser, co-founder and co-CEO of Achieve. “We remain committed to offering homeowners flexible, fixed-rate options that help them achieve their financial goals while delivering strong performance for our investors.”

This is Achieve’s second HELOC securitization of 2025 and seventh overall. Achieve’s last HELOC securitization, a $210.9 million offering, closed on March 26, 2025. The company’s cumulative HELOC securitization volume is more than $1.36 billion.

Achieve and its affiliates have sponsored 22 personal loan securitizations, with more than $7 billion issued across personal loan and HELOC deals. Loan originations through its personal and home loan platforms top $14 billion.