Upstart Secures $200 Million Revolving Credit Facility to Fund Upstart Bank Launch
Upstart Network, a wholly owned subsidiary of Upstart Holdings, entered into a $200 million senior secured revolving credit facility with MUFG Bank on October 16, 2026. The revolver will help fund the establishment and initial capitalization of Upstart Bank, N.A., and must be repaid from certain affiliate loan sales to that bank, which remain subject to regulatory approvals.
Key points
- Revolver of up to $200 million, agreed October 16, 2026, with MUFG Bank as administrative and collateral agent
- Borrowings priced at Term SOFR plus an initial 3.00% margin, with a leverage-based grid of 2.75% to 3.25%
- Covenants require minimum liquidity of at least $100.0 million and a maximum secured gross leverage ratio of 2.50 to 1.00
- Revolver matures at the earliest of 364 days after closing, 45 days after Upstart Bank's initial capitalization, or full repayment
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 20, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.