Associate General Counsel - Corporate & Securities

Orca and Loopscale merge into "Formation" to build capital markets for AI economy. Orca and Loopscale merge to form Formation, aiming to build capital market infrastructure for AI, robotics, and other emerging industries. Table of contents. * Expanding capital market infrastructure * Formation is working with major asset platforms Key highlights: * Orca and Loopscale merge to form a new company called Formation * Formation targets AI, robotics, energy and defense with trading, credit and liquidity infrastructure * The company plans new tools and strategies to expand access to tokenized assets and capital markets Reports reveal that Orca and Loopscale have merged to form a new company called Formation. While Orca is known for its trading and liquidity infrastructure, Loopscale focuses on credit and vault infrastructure. As the official announcement revealed, the new platform will be led by Luke Truitt, the co-founder of Loopscale. Truitt will serve as the CEO of Formation, the new platform which aims to build financial infrastructure for emerging assets and industries. He stated, "The frontier economy is creating new business models and financing needs more rapidly than traditional market infrastructure is evolving to serve them. Every major technological revolution has been paired with a financial one. We're at an inflection point that requires capital markets to keep pace with the industries reshaping the economy." Key areas of focus will be AI, robotics, energy, defense, and other emerging industries. Formation believes that traditional financial markets can be expensive and complicated for smaller businesses. Besides Truitt, other major figures like Mary Gooneratne and Christopher Montagano will all join the team, serving as the Chief Operating Officer and Chief Strategy & Legal Officer, respectively. Expanding capital market infrastructure. Interestingly, via Formation, Orca and Loopscale are intending to build a broader financial platform that covers origination, issuance, liquidity, credit, and distribution. Potentially, the company is expected to launch a path that connects these activities with regulated US capital markets. Further, the platform intends to introduce new tools for asset issuers and additional strategies for investors over the next 12 months. These tools will be launched along with the company's existing trading, lending, and vault products. Formation is working with major asset platforms. Significantly, Formation is now working with several major companies, including Figure, Shinhan Asset Management, Superstate, R3, and Securitize. With these collaborations, the company intends to bring more assets onchain and expand its reach among investors. According to Figure President Reid Simon, "Having originated over $30 billion of credit onchain and scaled tokenized products to more than $650 million in DeFi, we know how much high-quality distribution partners matter for growth. We've worked closely with both the Orca and Loopscale teams over the past year, and are excited by what the unification of trading, credit and vault strategies will unlock for tokenized asset growth." Thus, the merger gives Formation a wider set of tools by combining trading, credit, and vault strategies. Thus, it could support the growth of tokenized assets and create simpler ways for traders to access the market.

The ultimate guide to financing your ADU with studio home. Thu, Sep 24, 2026 An ADU is a major home project. You do not need to wait until you have the full cost in cash, but you do need a financing plan that reflects the full scope of the build. The question is not simply, "Can I get a loan?" It's, "Can I fund this project on terms that still work for my household?" Create a complete ADU project budget before you finance. Its Design Center can give you a configuration as a solid starting point, which matters when you are deciding what to finance. Things like foundation, shipping and assembly are items to consider beyond the ADU itself. Permitting, utility connections, inspections and HOA requirements can also change the total. Those costs are not side notes: they can determine whether a financing amount is enough to complete the work without redirecting cash from other priorities. Its process turns an early configuration into a more usable project plan through site review, design coordination, permit and construction documents, production, delivery and installation. Local plan review can take four to 12 weeks, depending on the jurisdiction, which is why a preliminary design is more useful than a guess at a loan amount. Choose an ADU loan your household budget can support. A lender assesses the property, your debt, your income, your credit history and other underwriting criteria. Your own test should be tighter: does the payment still feel manageable after your current mortgage, living costs, insurance, taxes, existing debt and ordinary surprises? A HELOC is an open-end line of credit that lets you borrow repeatedly against home equity. Keep in mind: the home secures the line, so if you cannot make the required payments, you could potentially lose the home. That does not rule out a HELOC, it just means the payment should make sense within your budget before you rely on projected ADU income, a future raise or an unusually good month. Before you apply, ask three questions. How much equity is available after the first mortgage and lender limits? What will the payment be under the quoted terms? Would the payment work during a vacancy or before a lender confirms how it treats expected rental income? Studio home and figure HELOC financing for ADUs. Studio Home has partnered with Figure to offer eligible homeowners a HELOC path for a backyard project. An online rate check begins with a soft credit pull, digital closing options in supported states and funding in as few as five days. Final rate, APR, fees, loan amount, availability and approval depend on Figure's prequalification and underwriting. That soft-pull distinction matters while you are comparing possibilities. Figure says its personalized rate check uses a soft inquiry, while continuing to a full application involves a hard credit pull that can affect credit. An early rate check can help test a financing scenario; it is not a commitment to lend. When you are ready to explore your options in more detail, visit its Financing Center to review the available resources and next steps. If you would like to see how a potential financing scenario could fit your budget, you can also Estimate My Payment. Compare ADU financing options: helocs, cash-out refinancing & Construction loans. | Financing Path | What Changes | Important Questions | | HELOC | Adds a line secured by your home while generally leaving the first mortgage in place."What is the rate type, repayment structure, fees, draw requirements and payment at the amount I need?" | | Cash-out Refinance | Replaces the first mortgage with a larger mortgage and releases cash from equity."How does replacing my mortgage affect the rate, closing costs, total interest and monthly payment?" | | Construction or Renovation Financing | Uses a product designed around improvement work; some products use lender-managed project draws."What plans, contractor documents, inspections, timing and cash reserves does this product require?" | Requesting and comparing loan estimates from multiple lenders can be helpful. Compare the disclosures you receive, including the payment schedule, APR, fees, appraisal or valuation process, prepayment terms and any conditions that must be met before funds are available. Time your ADU financing around design, permits & Construction. * Save a design: Select a model and key options so the conversation starts with a real configuration. * Confirm the wider scope: Use the site review and project conversation to identify costs beyond the building. * Check current terms and compare offers: Studio Home recommend saving your design before checking a figure rate, so the financing target is tied to an actual project. * Align funds with commitments: Review the contract and lender requirements together. Permit timing, lender underwriting, delivery scheduling and site readiness are related, but they are not controlled by the same party. Explore local ADU grants, loans & housing assistance. Cities, counties, states and housing agencies sometimes offer ADU grants, low-cost loans, technical assistance or pre-approved plans. Availability is local and conditional, and these programs should be treated as possible supplements, not as money already available. Confirm the application window, property eligibility, occupancy or rental restrictions, reimbursement rules and whether the program's timing fits your project. Your local housing or planning department is a sensible first stop. Plan your ADU financing before you borrow. Financing can make its ADUs achievable without requiring the full cost upfront. The responsible version begins with a complete scope, a payment that does not depend on a perfect future and lender disclosures you have compared carefully. Start by designing and pricing your ADU. Then use that configuration to review current financing information, compare actual lender terms and talk with its team about the project items that belong in the budget. This article is for general educational purposes and is not financial, legal or tax advice. Financing is subject to lender terms, property eligibility and underwriting. Consult qualified professionals for advice on your specific situation. ADU Financing FAQs. Can I use home equity to finance a Studio Home ADU? Eligible homeowners can explore a HELOC, including its current Figure partner path, or compare another home-equity or refinance structure. The amount and terms depend on the property and the borrower's underwriting profile; an online estimate is not a substitute for a lender's final review. Will future rental income from my ADU help me qualify? Lender treatment of anticipated rental income varies by program, property, documentation and borrower profile. Do not assume it will be included. Ask the lender directly and make your own payment decision using a conservative household budget. Does a HELOC put my home at risk? Yes. A HELOC is secured by your home, and missed payments can put the home at risk. That is why the payment test matters as much as the credit-line amount.