{"id":63276,"date":"2026-06-16T03:00:18","date_gmt":"2026-06-16T01:00:18","guid":{"rendered":"https:\/\/housesmarketplace.com\/saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience\/"},"modified":"2026-06-16T03:00:18","modified_gmt":"2026-06-16T01:00:18","slug":"saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience\/","title":{"rendered":"Saluda Grade brushes off macro concerns to bet on home equity resilience"},"content":{"rendered":"
\n

Alternative investment firm Saluda Grade<\/strong> doesn\u2019t see the interest rate environment or the current signals of consumer financial stress taking the shine off \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0439 \u043a\u0430\u043f\u0438\u0442\u0430\u043b<\/a> assets anytime soon.<\/p>\n

\u201cWhat we\u2019re focused on is 75% of homeowners today with a mortgage have a rate that is still out of the money \u2014 and that\u2019s material,\u201d Blake Eger, Saluda Grade\u2019s head of private credit and senior portfolio manager, said in an interview with \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>. \u201cIn the near term, I don\u2019t see any material changes in rates that would impact borrower behavior in some of these asset classes.\u201d<\/p>\n

Eger added that the average rate held by today\u2019s homeowner is about 4.5%, but the current rate<\/a> is near 6.5%. With no incentive to refinance their homes, most of these customers are tapping into their home equity \u2014 an asset class that attracts investors like Saluda Grade.<\/p>\n

\u201cThere\u2019s a tremendous amount of equity accumulated in the system today, in particular on the residential side. It\u2019s almost $35 trillion of home equity in single-family residential housing in the U.S.. That\u2019s a giant asset class. We want to finance that equity, the homeowner who has that equity,\u201d Eger said.<\/p>\n

On top of that, there\u2019s a supply shortage<\/a> of about 3.5 million homes, household formations continue to increase and housing stock across the country is aging rapidly<\/a>, she added.<\/p>\n

Eger said that signals of consumer stress are not apparent in the company\u2019s portfolio. Saluda has a total portfolio of about $4 billion, the majority being residential assets. But it also has fixed-income and growth equity businesses. With the latter, it takes non-controlling, minority stakes in originators of alternative housing assets and fintech platforms.<\/p>\n

\u201cWe\u2019ve been comfortable with the level of \u043f\u0440\u043e\u0441\u0440\u043e\u0447\u043a\u0438<\/a> that we\u2019re seeing \u2014 these assets are performing well,\u201d Eger said. \u201cThat said, we\u2019re certainly aware of the headlines, and we\u2019ve seen broader delinquencies certainly pick up in consumer loans. It\u2019s something we keep a close eye on.\u201d<\/p>\n

Saluda forecasts a market of $150 billion in second-lien production in 2026. Eger said there\u2019s no shortage of assets out there; it\u2019s a question of finding the right home for them.<\/p>\n

Regarding parallels between some of these assets and those created prior to the financial crisis of the late 2000s, Eger said Saluda\u2019s weighted average \u0424\u0418\u041a\u041e<\/strong> score<\/a> is 750 across second liens and residential transition loans (RTLs), meaning that these are prime borrowers.<\/p>\n

\u00abHome equity agreements<\/a> are a different product, and they are designed for someone who cannot access a traditional mortgage, so by nature they\u2019re likely to have a lower FICO score,\u201d Eger said. \u201cIdeally, this is used as a credit curing product, and this is a way for a homeowner to use their most valuable asset to pay down expensive debt that\u2019s weighing on their own personal balance sheet.\u201d<\/p>\n

Eger said mortgage credit availability<\/a> is historically tight \u2014 nearing 2009 levels \u2014 leaving most borrowers without agency options. Private credit is filling this necessary void rather than driving up rates. Subprime lending is significantly smaller and much better underwritten today compared to the pre-crisis era, she added.\u00a0<\/p>\n

Private credit<\/h2>\n

Eger knows about subprime. She began her career at Bear Stearns<\/strong> structuring subprime mortgage-backed securities (MBS) prior to the crisis, then moved to JP Morgan<\/strong>, Bank of America\/Merrill Lynch<\/strong> (trading non-agency RMBS), Structured Portfolio Management<\/strong>, Redwood Trust<\/a><\/strong> \u0438 Paloma Partners<\/strong> before joining Saluda Grade about four and a half years ago.<\/p>\n

Saluda Grade, founded in 2019, is broadening its asset-backed credit strategy beyond its traditional residential focus to expand into both commercial and non-housing sectors.<\/p>\n

Following its acquisition of Hillcrest Finance <\/strong>in mid-2025, the firm is targeting commercial mortgages, specifically commercial bridge loans. With the recent hire of co-chief investment officer Patrick Lo<\/a>, formerly of \u0423\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u0430\u043a\u0442\u0438\u0432\u0430\u043c\u0438 \u0432\u043e\u0434\u043e\u043f\u0430\u0434\u0430<\/strong>, Saluda is exploring other opportunities such as home improvement, \u0441\u0431\u043e\u0440\u043d\u043e\u0435 \u0436\u0438\u043b\u044c\u0435<\/a> and solar loans.<\/p>\n

Saluda prioritizes asset-backed finance (ABF) \u2014 in which loans<\/a> are secured by specific collateral rather than just a borrower\u2019s creditworthiness \u2014 over corporate direct lending because it offers better diversification through thousands of smaller, asset-backed loans with contractual cash flows, Eger said.<\/p>\n

This \u201cPrivate Credit 2.0\u201d space has grown significantly as regulatory changes like Dodd-Frank forced banks to retreat, allowing private credit funds to step in and provide broader investor access. Looking ahead, Saluda expects upcoming Basel III regulations<\/a> to have minimal impact on its specific alternative asset strategies.<\/p>\n

\u201cThe key theme that we\u2019re continuing to hear from allocators over and over again is we have maybe been too focused on one form of private credit,\u201d Eger said. \u201cWith today\u2019s new definition of private credit that now includes ABF, we\u2019re looking to diversify our exposure, and prudently it makes sense.\u201d<\/p>\n

Regarding recent stress in the broader private credit market, Eger said the company is making sure it has \u201dstrong third-party vendors\u201d that look at credit compliance and valuation on certain products.<\/p>\n

\u201cThere\u2019s always risks, and if nothing else, putting more eyes on this and having it come to the forefront makes everybody in the space a more prudent investor,\u201d she said.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Alternative investment firm Saluda Grade doesn\u2019t see the interest rate environment or the current signals of consumer financial stress taking the shine off home equity assets anytime soon. \u201cWhat we\u2019re focused on is 75% of homeowners today with a mortgage have a rate that is still out of the money \u2014 and that\u2019s material,\u201d Blake […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63276","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nSaluda Grade brushes off macro concerns to bet on home equity resilience - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saluda Grade brushes off macro concerns to bet on home equity resilience\" \/>\n<meta property=\"og:description\" content=\"Alternative investment firm Saluda Grade doesn\u2019t see the interest rate environment or the current signals of consumer financial stress taking the shine off home equity assets anytime soon. \u201cWhat we\u2019re focused on is 75% of homeowners today with a mortgage have a rate that is still out of the money \u2014 and that\u2019s material,\u201d Blake […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/housesmarketplace.com\/ru\/saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience\/\" \/>\n<meta property=\"og:site_name\" content=\"Houses Marketplace\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-16T01:00:18+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 \u043c\u0438\u043d\u0443\u0442\u044b\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/housesmarketplace.com\/#website\",\"url\":\"https:\/\/housesmarketplace.com\/\",\"name\":\"Houses Marketplace\",\"description\":\"International Real Estate\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/housesmarketplace.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"ru-RU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/housesmarketplace.com\/saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience\/#webpage\",\"url\":\"https:\/\/housesmarketplace.com\/saluda-grade-brushes-off-macro-concerns-to-bet-on-home-equity-resilience\/\",\"name\":\"Saluda Grade brushes off macro concerns to bet on home equity resilience - 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