- Multiple
- Post-money valuation ÷ HEI contracts recorded in the 12 months before that round. Point, Hometap and Unlock average 2.13x; Equity Advance starts at 2.00x, applied to Year 5 volume; the multiple can be changed in the table.
- Valuation
- The latest reported post-money at each year end. Unlock reported none before 2024. In their fifth years, Point, Hometap and Unlock were valued at 1.3x–1.6x that year's volume; the multiples used here come from their later rounds.
- Year 1
- Each company's first year of recorded contracts: Point 2015, Hometap 2018, Unlock 2020, Equity Advance 2027.
- Contracts
- Average $100K, grow about 10% a year up to the 14.99% / 2.25x cap, and about 7% pay off each year.
- Revenue
- 3.5% origination fee and 1 point gain on sale on new contracts, 150 bps a year administration fee on contracts outstanding, and 10% disposition fee on gains at payoff.
- Turn-down data
- HMDA HELOC and home-equity-loan filings, 2023–2025. DTI-declined dollars = applications × DTI denial share × average declined amount.
- Recorded volume
- HEI contracts recorded with county offices, by originator, using the recorded instrument amounts. Where a record carries no amount, the contract is counted at that year's average size.
- Rounds
- Competitor rounds and valuations from Metal (Crunchbase-derived) records, October 2026.
Illustrative projections only. Not an offer of securities or a forecast of results.
