Unison 通过提供现金换取房屋未来价值的份额，已选定银行牵头进行首次公开发行，知情人士透露。
Unison, which provides cash in exchange for a share of a home’s future value, has picked banks to lead an initial public offering, according to people familiar with the matter.
作者：Bailey Lipschultz 和 Patrick Clark 知情人士称，该公司已选定包括瑞士银行集团（UBS Group AG）和康托尔菲茨杰拉德（Cantor Fitzgerald）在内的银行承销此次发行，并计划融资最高达5亿美元。知情人士因讨论属私人性质，要求不具名。
By Bailey Lipschultz and Patrick Clark The company selected banks including UBS Group AG and Cantor Fitzgerald for the offering and seeks to raise as much as $500 million, said the people, who asked not to be identified because discussions are private.
其中一位知情人士表示，上市可能早在11月就能实现。知情人士称， deliberations 仍在进行中，拟议 IPO 的细节，包括承销银行名单，仍可能发生变化。
A listing could come as soon as November, one of the people said. Deliberations are ongoing and details of the proposed IPO including the banks could change, the people said.
瑞士银行和康托尔菲茨杰拉德的代表拒绝置评。Unison 未立即作出回应。
Representatives for UBS and Cantor Fitzgerald declined to comment. Unison did not provide an immediate comment.
近年来几周，投资者和银行家一直在应对 IPO 市场的波动，一些公司已正式推迟上市计划。
Investors and bankers have been grappling with a choppy market for IPOs in recent weeks, with some firms formally postponing listing plans.
尽管如此，Unison 仍在准备迎接公开市场的考验，因为抵押贷款利率居高不下，推动了消费者对该公司二十年前首创的产品的需求。在股权共享协议中，Unison 向房主提供现金，以换取其房屋未来价格增值的份额。
Still, Unison is preparing to test the public market as elevated mortgage rates are driving consumer demand for a product the company pioneered two decades ago. In an equity-sharing agreement, Unison gives a homeowner cash in return for a share of their home’s future price appreciation.
消费者无需每月付款，而是在出售或再融资房屋时向 Unison 支付一次性款项。此类协议吸引那些无法符合传统房屋净值贷款资格，或不愿增加因抵押贷款、信用卡或汽车贷款导致的月供利息支出的房主。
Rather than making monthly payments, consumers write one check to Unison when they sell or refinance their home. The agreements appeal to homeowners who can’t qualify for a traditional home-equity loan, or don’t want to add to monthly interest payments from mortgages, credit cards or car loans.
根据美国联邦储备局的数据，美国家庭目前坐拥创纪录的35.8万亿美元房屋净值。与此同时，抵押贷款利率上升使得出售房屋或通过传统房屋净值贷款提取资金变得越来越困难。
US households are sitting on a record $35.8 trillion in home equity,according to the US Federal Reserve. At the same time, higher mortgage rates have made it increasingly difficult to sell, or to pull money out through a traditional home equity loan.
根据 SFR Analytics 的数据，Unison 及其竞争对手今年截至9月30日已发起超过26亿美元的融资，较去年同期增长约30%。
Unison and its competitors have originated more than $2.6 billion in financings this year through Sept. 30, up about 30% from the same period last year, according to data from SFR Analytics.
批评人士警告称，这些产品对消费者来说可能难以理解，在某些情况下甚至昂贵得令人难以承受。
Critics warn that the products can be difficult for consumers to understand, and in some cases, punishingly expensive.
Unison 由 Thomas Sponholtz 于 2000 年代初创立，当时他正寻找一种让机构投资者获得美国房价升值敞口的方式。
Unison was founded in the early 2000s by Thomas Sponholtz, who was looking for a way to give institutional investors exposure to US home price appreciation.
需求直到美国止赎危机之后才开始有意义地增长，当时 Point、Hometap 和 Splitero 等竞争对手进入了市场。2024 年，Unison 与卡莱尔集团（Carlyle Group Inc.）达成战略合作伙伴关系，后者同意购买最高达 3 亿美元的共享股权住房贷款。
Demand didn’t grow meaningfully until after the US foreclosure crisis, when competitors such as Point, Hometap and Splitero entered the market. In 2024, Unison entered into a strategic partnership with Carlyle Group Inc., which agreed to buy as much as $300 million of equity-sharing home loans.