Investor base now consists of over 100 high-quality ESG investors including banks, insurance companies, and asset managers
The Change Company CDFI LLC, America’s Community Development Financial Institution (CDFI), announced that the Company and its affiliates have raised $88 million of cumulative, perpetual preferred equity membership interests through two private placement offerings. The Change Company and its affiliates have successfully raised over $400 million over the past eighteen months to expand access to capital to low-income borrowers and communities.
We are humbled to attract the high-quality institutional capital and liquidity necessary to increase social and racial equity in America.We are encouraged by the strong, diverse consortium of socially responsible investors who participated in our offerings
Steven Sugarman, Founder of The Change Company, stated, “We are humbled to attract the high-quality institutional capital and liquidity necessary to increase social and racial equity in America. We are encouraged by the strong, diverse consortium of socially responsible investors who participated in our offerings. The Change Company will continue to expand its partnerships to reach more prime, underbanked borrowers in more underserved markets across the United States.”
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In 2021, The Change Company originated over 15,000 prime home loans totaling more than $7.5 billion – with over 70% of loans made to Black, Latino, and other underbanked borrowers. The Change Company will use net proceeds from the Offerings, among other things, to increase homeownership and banking services for America’s underbanked. The Offerings – which received investment grade ratings from Egan Jones – were completed through issuances of cumulative, preferred equity at both The Change Company and its subsidiary, Change Lending, LLC.
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Performance Trust Capital Partners served as the exclusive financial advisor to The Change Company and sole placement agent in the Offerings. Gaynor Law Group, P.C. and Michelman & Robinson, LLP served as The Change Company’s legal counsel in the Offerings. Windels Marx Lane & Mittendorf, LLP served as legal counsel to Performance Trust.
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