HomeLight lands $20M, adds 40 ‘Buy Before You Sell’ states

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Armed with $20 million in new fairness funding, actual property agent and lender know-how platform HomeLight has expanded its flagship “Purchase Earlier than You Promote” 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 individuals included Stereo Capital and Menlo Ventures.

Drew Uher

“We’re deeply centered on constructing the instruments and know-how that resolve the toughest issues that lenders face in the present day in closing transactions,” HomeLight founder and CEO Drew Uher stated in a press release. “Thus far, the response to Purchase Earlier than You Promote has blown away our expectations and we’re thrilled so as to add a lot worth to each our lender and agent companions in addition to their purchasers.”

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A 2023 Better of Proptech Inman award recipient, Uher launched HomeLight in 2012 as an agent matching web site with backing from Google Ventures, Crosslink Capital, Innovation Endeavors and different buyers.

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 offer its energy purchaser and money supply companies.

“By stepping out of [mortgage lending], and by letting the brokers’ most well-liked lender do the mortgage, we’re now not creating friction between the agent and the lender,” Uher stated on Aug. 1 at Inman Actual Property Join Las Vegas. “We are able to truly leverage the lender as a channel.”

HomeLight’s 2022 Sequence D allowed it to amass 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 this time, 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. — all over the place however Alaska, Massachusetts, New York and Rhode Island.

The 40 lenders at present 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.

Primarily based 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 accordance with information maintained by the Nationwide Multistate Licensing System.

Lisa Shapiro

“With Purchase Earlier than You Promote, we had been capable of accomplish my purchaser’s objective: submitting a non-contingent supply, pulling fairness out now for the down cost at closing, and solely having to maneuver as soon as, with no lease funds within the center,” NEO Dwelling Loans Senior Mortgage Advisor Lisa Shapiro stated, in a press release. “It was a really easy course of. Different applications have both value extra or didn’t talk properly; at HomeLight, everybody has been extremely considerate, environment friendly, and communicative.”

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E mail Matt Carter