Insurance and investment funding firm Cornerstone Financing has secured $285m in aggregate financing from Aquiline Capital and Nomura.
The funding will be used to expand CHEIFS (Cornerstone Home Equity Insurance/Investment Funding Solutions), Cornerstone’s solution that allows homeowners to sell a fraction of their home for cash to fund insurance, annuities, long-term care, and other financial and life planning options.
In addition, CHIEFS boosts the tools needed by advisers and homeowners. It is currently in Arizona, California, Florida, and Pennsylvania, but Cornerstone intends to expand nationally, supported by the $285m financing and is actively seeking to expand its distribution partnerships.
“Partnering with these prestigious institutions affirms our commitment to providing advisers with innovative home equity solutions,” said Daniel Anderson, co-founder of Cornerstone. “With streamlined distribution through our network of advisers, Cornerstone, through its CHEIFS program, offers a uniquely efficient model that maximises value and enhances adviser-client financial planning strategies.”
“We are proud to support Cornerstone in the expansion of CHEIFS,” added Timothy Gravely, partner and head of credit for Aquiline. “This product addresses a critical gap we observed through our participation in the insurance market, and we are excited to back the solution.”
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