PGIM, the $1.5tn global asset management business of Prudential Financial, has committed to a three-year forward-flow facility with GreenSky, a US-based dedicated point-of-sale home improvement lending platform.

The forecasted total purchase volume is around $3bn (£2.2bn), providing GreenSky with long-term, committed capital while offering PGIM a strong credit profile supported by a prime collateral pool.

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Gabriel Rivera, co-head of securitized products at PGIM said: “This transaction highlights our ABF platform’s differentiated ability to deliver capital solutions at every stage of the housing value chain, including land banking, residential mortgage credit, and home improvement finance.”

The parties’ collaboration spans both the private asset-based finance and broadly syndicated securitization markets.

Read more: ABF and specialty finance to lead private credit growth

“Home improvement lending continues to stand out as a compelling segment within consumer credit,” added Oliver Nisenson, head of private asset-based finance at PGIM. “Additionally, the aging housing stock is driving increased demand for critical home infrastructure and improvements.”

The transaction follows PGIM’s recent commitment to provide $4bn in funding for new land banking projects to Domain Real Estate Partners.

PGIM’s securitised products platform has assets worth $175bn and is part of PGIM’s $1.2tn credit investment platform.