Achieve announces the close of $173.6M HELOC securitization

Third AAA-rated deal backed by Achieve home equity lines of credit incorporates a number of new features developed off the success of prior HELOC securitizations

October 19, 2023

SAN MATEO, Calif., October 19, 2023 Achieve, the leader in digital personal finance, announces the Oct. 18, close of a AAA-rated securitization backed by $173.6 million in newly originated home equity lines of credit (HELOCs).

The securitization, ACHM Trust 2023-HE2, consists of three classes of rated notes and two classes of unrated notes backed by 3,234 HELOCs originated by Achieve Home Loans. The deal is the third HELOC securitization sponsored by Freedom Consumer Credit Fund, an investment fund managed by Freedom Financial Asset Management, LLC (FFAM), an Achieve company.

At the August 31, 2023, cutoff date, the HELOCs in the portfolio had a weighted average loan age of approximately 5.3 months, a total unpaid principal balance of approximately $173.6 million, and a total original principal balance of approximately $177.9 million. Kroll Bond Rating Agency rated the securitization’s Class A, Class B and Class C fixed-rate notes AAA (sf), A- (sf) and BBB- (sf), respectively. The Class D and Class XS notes were not rated. Jefferies served as sole initial purchaser for the transaction.

For the first time in a securitization of Achieve HELOCs, the transaction incorporates a pro rata payment schedule across the Class A, Class B and Class C Notes. This new structure is designed to allow for higher-cost subordinate debt to pay off sooner than in a deal with a sequential payment structure. The transaction also features overcollateralization and other layers of credit enhancement, all of which contribute to higher ratings than previous deals.

“This third deal reflects the strong track record we’ve established with our HELOC securitization strategy and our ability to refine our approach to ensure these transactions are both compelling to investors and further Achieve’s mission of helping everyday Americans get on, and stay on, the path to a better financial future,” said Andrew Housser, Co-Founder and Co-CEO of Achieve.

Achieve’s HELOCs are designed to help homeowners with unsecured debt reduce the burden of high interest rates by using a portion of their home’s available equity to consolidate their debt and lower their payments. Each HELOC is fixed-rate and fully amortizing, which eliminates the uncertainty and risk of payment shock that traditional HELOCs present via variable rates, interest-only periods, or balloon payments.

To qualify for Achieve’s debt consolidation HELOC, borrowers must be able to save at least $200 per month compared to their previous unsecured debt payments. Since Achieve Home Loans launched in 2019, HELOC borrowers have saved an average of $694 per month compared to their previous unsecured debt payments.

The HELOCs are fully drawn at origination and carry a 10- or 15-year term that includes a five-year draw period. In most cases, the HELOCs are secured by a junior lien on the homeowner’s primary residence, although a small portion of HELOCs 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.

“Today’s interest rate environment is especially challenging for consumers with large balances on their variable-rate credit cards who are now paying even more in interest to service that debt,” said Kyle Enright, President of Lending at Achieve. “The Achieve fixed-rate HELOC can provide homeowners with certainty about their monthly payments to help them get back on track.”

Prior securitizations of Achieve HELOCs include a $175 million deal that closed on Nov. 29, 2022, and a $152.7 million deal that closed January 31, 2023. In addition, FCCF has sponsored 17 securitizations of unsecured personal loans originated on the Achieve Personal Loans platform. Cumulative issuances across all FCCF-sponsored securitizations total over $5.1 billion and total loan originations through the Achieve Personal Loans platform and Achieve Home Loans is nearly $11 billion.

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 is the leader in digital personal finance. Our solutions help everyday people get on, and stay on, the path to a better financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer’s financial journey and include personal loans, home equity loans and help with debt. In addition, Achieve also provides financial tips and education, including a free specialized mobile app, MoLO (Money Left Over). Headquartered in San Mateo, California, Achieve has nearly 3,000 dedicated teammates across the country with hubs in California, Arizona, Texas and Florida. 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 (NMLS ID #138464); Achieve Home Loans, Equal Housing Lender (NMLS ID #1810501); Achieve Personal Loans (NMLS ID #227977); Achieve Resolution (NMLS ID # 1248929) and Freedom Financial Asset Management (CRD #170229).


Erica Bigley

Vice President, Corporate Communications

[email protected]



Austin Kilgore

Director, Corporate Communications

[email protected]


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