HomeLight is partnered with greater than 10,000 mortgage officers and 28,000 actual property brokers to supply Purchase Earlier than You Promote in 46 states and Washington, D.C. — in all places however Alaska, Massachusetts, New York and Rhode Island.
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Armed with $20 million in new fairness funding, actual property agent and lender expertise platform HomeLight has expanded its flagship “Buy Before You Sell” product to all however 4 U.S. states, the corporate introduced Monday.
Described as a Sequence D extension, the newest funding spherical was led by Zeev Ventures, which additionally took the lead in HomeLight’s 2022 Sequence D. Different members included Stereo Capital and Menlo Ventures.
Drew Uher
“We are deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions,” HomeLight founder and CEO Drew Uher mentioned in a assertion. “So far, the response to Buy Before You Sell has blown away our expectations and we’re thrilled to add so much value to both our lender and agent partners as well as their clients.”
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A 2023 Better of Proptech Inman award recipient, Uher launched HomeLight in 2012 as an agent matching website with backing from Google Ventures, Crosslink Capital, Innovation Endeavors and different traders.
HomeLight ventured into mortgage lending with the 2019 acquisition of digital mortgage lender Eave however has exited the enterprise in favor of partnering with mortgage lenders and actual property brokers to supply its energy purchaser and money supply companies.
“By stepping out of [mortgage lending], and by letting the agents’ preferred lender do the mortgage, we are no longer creating friction between the agent and the lender,” Uher mentioned on Aug. 1 at Inman Actual Property Join Las Vegas. “We can actually leverage the lender as a channel.”
HomeLight’s 2022 Sequence D allowed it to purchase money supply supplier Settle for.inc — a deal that the corporate claimed on the time made it the most important “agent-focused” money supply supplier within the U.S.
At the moment, HomeLight says it’s partnered with over 10,000 mortgage officers and 28,000 actual property brokers to supply Purchase Earlier than You Promote in 46 states and Washington, D.C. — in all places however Alaska, Massachusetts, New York and Rhode Island.
The 40 lenders at the moment providing HomeLight’s Purchase Earlier than You Promote product embody wholesale mortgage lender The Mortgage Retailer and retail lender Luminate Dwelling Loans, a subsidiary of Luminate Financial institution.
Based mostly in Minneapolis, Luminate Dwelling Loans additionally does enterprise as NEO Dwelling Loans, using or sponsoring 456 mortgage mortgage originators who work out of 67 department places across the U.S., in line with data maintained by the Nationwide Multistate Licensing System.
Lisa Shapiro
“With Buy Before You Sell, we were able to accomplish my buyer’s goal: submitting a non-contingent offer, pulling equity out now for the down payment at closing, and only having to move once, with no rent payments in the middle,” NEO Dwelling Loans Senior Mortgage Advisor Lisa Shapiro mentioned, in a press release. “It was a very smooth process. Other programs have either cost more or didn’t communicate well; at HomeLight, everyone has been incredibly thoughtful, efficient, and communicative.”
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