FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Bank of America Agents $225MM Credit Facility for Pathway Homes

September 09, 2022, 07:49 AM
Filed Under: Real Estate

Pathway Homes, a real estate platform, entered into a secured credit facility in the aggregate amount of $225 million, with Bank of America, acting as Administrative Agent and Sole Lead Arranger. This is Pathway's inaugural credit facility and includes an accordion feature that permits an increase in total commitments up to $475 million under certain conditions. The funds will be used to provide additional capacity to purchase homes and expand into new markets, enabling more people to reach homeownership.

Pathway offers innovative solutions to accelerate potential homeowners on the path from renting to homeownership. Buyers are routinely met with challenges during the homebuying process, with many excluded from the process due to income restraints, high credit score requirements or lack of savings. Pathway enables customers who would otherwise be shut out of ownership, allowing them to move into a home of their choice today and purchase the home in the future as they work toward their financial goals.

"At Pathway, we strive to make homeownership more attainable. We are focused on helping people realize the dream of homeownership, creating a sustainable and accessible path for our customers," said Josh Gould, Chief Executive Officer of Pathway. "With this funding, we are in a position to change more lives and make a greater impact for those looking to own a home and build generational wealth. We appreciate Bank of America's support and shared vision to increase access to homeownership."

Pathway addresses the challenges potential homeowners face in today's competitive market. Pathway helps potential buyers identify their ideal home, purchases it on their behalf, invests to improve the quality of the home, and then provides them with options to purchase the home in the future. In an agreement with the customer, Pathway establishes rent and home purchase option prices with fixed, modest annual increases, typically over a five-year term. Pathway serves as a long-term partner for potential buyers, providing individualized support on their way to homeownership.

"Since launching Pathway earlier this year, we have seen the significant benefit our offering can have in our customers' lives and the substantial demand for our products," said K.C. Cleary, Pathway Homes Co-Founder and Chief Strategy Officer. "These funds enable us to continue to meet the demand for homeownership for the millions of Americans who are priced out today."

Pathway Homes is currently available to consumers living in the Tampa, Orlando, Atlanta, Dallas, and Phoenix markets. With this funding, Pathway plans to expand its offering to additional markets across the U.S.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.