Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) (“Better,” the “Company,” “we,” our” or “us”) today announced progress toward the proposed sale of its wholly owned subsidiary, Birmingham Bank Limited (“Birmingham Bank”), to a buyer consortium.
The buyer consortium has escrowed £10 million related to the transaction. The transaction remains subject to regulatory approval and definitive documentation, as well as satisfaction of customary closing conditions.
Better will sell 100% of its interests in Birmingham Bank for a gross consideration of 0.95x Tangible Net Asset Value as of the closing date of the sale. The Tangible Net Asset value of Birmingham Bank as of the end of September 30, 2026 was approximately £56 million, or approximately $74 million.
“Better 2.0 is happening. We are pleased to be making significant progress on this proposed transaction with B Singh Partners, a UK based investment vehicle, and with the backing of 3 Asian family offices who are household names and hold a combined net worth exceeding $20 billion,” said Vishal Garg, Founder of Better.
“Upon consummation of this proposed transaction, assuming cash balances and estimated net proceeds from the sale of Birmingham Bank, as of September 30, 2026, on a pro-forma basis, Better’s cash balance is expected to increase to approximately $140 million, providing the Company liquidity to both grow its business and to fund the path to positive cash flow,” says Loveen Advani, CFO of Better.
Birmingham Bank is classified as held for sale and reported as discontinued operations in the Company’s financial statements. The Company will provide further updates as appropriate.
Orrick, Herrington & Sutcliffe LLP is acting as legal counsel to Better. FT Partners is acting as exclusive financial advisor to Better.
About Better
Better Home & Finance Holding Company (NASDAQ: BETR) is the first AI-native mortgage and home equity finance platform, and first fintech to fund more than $110 billion in loan volume. Better has leveraged its industry-leading AI platform, Tinman®, to achieve its singular mission of making homeownership cheaper, faster, and easier for all Americans. Tinman® allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy™, the first AI loan agent built exclusively for the mortgage industry, revolutionizes the homebuying journey by answering questions, delivering approvals, comparing products, processing rate locks, and moving their loan application along to closing 24/7/365. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage and home equity loans. Better serves customers in all 50 US states and the United Kingdom.
For more information, follow @betrmortgage on X and @betterdotcom on Instagram and TikTok.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts should be considered forward-looking statements, including, without limitation, statements and expectations regarding the sale of Birmingham Bank, including the definitive documentation and regulatory approval, and the Company’s cash position. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual future events to differ materially from those expressed or implied by the forward-looking statements in this communication. These risks and uncertainties include those risks discussed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, as any such factors may be updated from time to time in the Company’s other filings with the SEC. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261005071455/en/
Media gallery
