Achieve, Barclays Capital close $226 million HELOC securitization

Seventh AAA-rated deal brings total issuance of securitizations backed by Achieve Home Loans HELOCs to over $1.36 billion

SAN MATEO, Calif., Aug. 18, 2025 /PRNewswire/ -- Achieve, the leader in digital personal finance, announces the Aug. 14 close of a $266 million, AAA-rated securitization backed by newly originated home equity lines of credit (HELOCs).

The securitization, ACHM Trust 2025-HE2, includes six classes of rated, mortgage-backed notes and two classes of unrated mortgage-backed notes. The deal is backed by more than 3,300 HELOCs originated by Achieve Home Loans. The deal was co-sponsored by Achieve and Sutton Funding LLC, an affiliate of Barclays Capital Inc. It is the seventh securitization of HELOCs originated by Achieve.

As of the June 30, 2025 cutoff date, the HELOCs in the portfolio had a weighted average seasoning of two months, a total unpaid principal balance of approximately $226 million, and a total original principal balance of approximately $229 million.

DBRS Morningstar assigned the following ratings to the notes: Class A: AAA (sf); Class B: AA (low) (sf); Class C: A (low) (sf); Class D: BBB (low) (sf); Class E: BB (low) (sf); and Class F: B (low) (sf).

Barclays served as sole structuring agent and lead bookrunner, Jefferies served as joint bookrunner, and Guggenheim Securities and Performance Trust each served as a co-manager for the transaction.

The transaction features overcollateralization and other layers of credit enhancement. ACHM Trust 2025-HE2 also features a pro rata payment schedule across the Class A, Class B and Class C notes. This structure is intended to allow for higher-cost subordinate debt to pay off sooner than in a deal with a sequential payment structure.

"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, president of lending at Achieve.

Achieve's HELOCs are designed to help homeowners use a portion of their home's equity to consolidate unsecured debts, pay for home renovations, better manage the expense of an upcoming large purchase — or a combination of the three. The HELOCs are fixed-rate and fully amortizing, which eliminates the uncertainty and risk of payment shock that traditional HELOCs present to consumers via variable rates, interest-only periods, or balloon payments. The HELOCs are fully drawn at origination and carry a 10-, 15-, 20- or 30-year term that includes a five-year draw period and no prepayment penalty for the life of the loan.

To qualify for Achieve's Debt Consolidation HELOC, borrowers must be able to reduce their payment obligations compared to their previous unsecured debt payments. Since 2019, borrowers who consolidate debt with an Achieve HELOC save an average of around $800 per month compared to their previous debt payments.

In most cases, the HELOCs are secured by a junior lien on the homeowner's primary residence, although a small portion of HELOCs in the deal hold a first-lien position. Achieve works with its members to conduct a comprehensive financial assessment during the application process. A thorough collateral valuation process helps ensure the HELOCs are originated with low combined loan-to-value ratios that preserve an ample cushion of remaining home equity. Achieve believes this better enables its members to address their immediate financial needs without jeopardizing their opportunity to build long-term wealth via their home.

"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 March 26, 2025. Achieve's cumulative HELOC securitization volume is more $1.36 billion.

In addition, Achieve or its affiliates have sponsored 22 personal loan securitizations, with cumulative issuances across all Achieve-affiliated personal loan and HELOC securitizations totaling over $7 billion. Total loan originations through the Achieve Personal Loans platform and Achieve Home Loans is over $14 billion.

For more information about Achieve HELOCs, visit: achieve.com/home-equity-loan

This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any jurisdiction. The notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act.

About Achieve

Achieve, THE digital personal finance company, helps everyday people get on, and stay on, the path to a better financial future. Achieve pairs proprietary data and analytics with personalized support to offer personal loans, home equity loans, debt resolution and debt consolidation, along with financial tips and education and free mobile apps: Achieve MoLO® (Money Left Over) and Achieve GOOD™ (Get Out Of Debt). Achieve has 2,300 dedicated teammates across the country, with hubs in Arizona, California, Florida and Texas. Achieve is frequently recognized as a Best Place to Work.

Achieve refers to the global organization and may denote one or more affiliates of Achieve Company, including Achieve.com, Equal Housing Opportunity (NMLS ID #138464); Achieve Home Loans, Equal Housing Opportunity (NMLS ID #1810501); Achieve Personal Loans (NMLS ID #227977); Achieve Resolution (NMLS ID # 1248929); and Freedom Financial Asset Management (CRD #170229).

Contacts

Austin Kilgore
Director
Corporate Communications
[email protected]
214-908-5097

Elina Tarkazikis
Manager
Corporate Communications
[email protected]

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SOURCE Achieve