North America Residential Real Estate-Backed Credit Card Senior Secured Term Notes Token Trading

PC0000113

North America Residential Real Estate-Backed Credit Card Senior Secured Term Notes logo

The Raise Total

$200,000,000

Price Per Token

$1.00

Raise Start

August 27, 2023

Minimum Investment

$1,000,000

https://www.tradable.xyz/

The Company provides credit cards, revolving lines, and installment loans to primarily prime and super-prime customers secured primarily by second liens on single family residential real estate. Seeking to compete with traditional HELOCs and HELOANs by delivering the product through a credit card offering, the Company provides a faster and more efficient, lower cost option for consumers looking to access capital to either purchase a new property, pursue home repairs, or consolidate high interest debt. In comparison to a traditional HELOC underwriting process, which usually takes 30 – 45 days before customer approval, the Company approves 40% of accounts within 15 minutes and 75% in the first 3 days. While superprime US unsecured credit cards tend to have average balances of several thousand dollars, the Company’s secured card balances have an average of ~$30,000, enabling the Company to earn higher interest revenue per customer. The product first launched in California in 2021, quickly ramping to a portfolio of $28 million by year-end 2021, $383 million by December 2022 across 32 states, and $525 million across 35+ states as of June 2023. In comparison to recent traditional HELOC securitizations, the Originator’s Facility benefits from wider pricing and tighter covenants, and also benefits from a floating interest rate with a base rate floor, whereas the recent comparable securitizations have had fixed rates below the Originator’s floor return.

Last Trade
March 28, 2025

Price
$1 USD (0%)

24h Volume
0

Market Cap
$0

Exchange
Tradable

Exchange
Tradable


Date Price % Change High Low Supply Current Amount Funded
March 28, 2025 $1.00 0% $1.00 $1.00 0 $0
March 3, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
March 2, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
March 1, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 28, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 27, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 26, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 25, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 24, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 23, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 22, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 21, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 20, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 19, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 18, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 17, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 16, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 15, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 14, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 13, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 12, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 11, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 10, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 9, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 8, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 6, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 7, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
February 5, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
January 23, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000
January 20, 2025 $1.00 0% $1.00 $1.00 156,000,000 $156,000,000