HomeLight Lands $20M, Provides 40 New “Purchase Earlier than You Promote” 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 Collection D extension, the most recent funding spherical was led by Zeev Ventures, which additionally took the lead in HomeLight’s 2022 Collection D. Different members included Stereo Capital and Menlo Ventures.

Drew Uher

“We’re deeply centered on constructing the instruments and know-how that remedy the toughest issues that lenders face as we speak in closing transactions,” HomeLight founder and CEO Drew Uher mentioned in a statement. “To date, 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 Best 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 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 real estate agents to supply its energy purchaser and money provide companies.

“By stepping out of [mortgage lending], and by letting the brokers’ most popular lender do the mortgage, we’re now not creating friction between the agent and the lender,” Uher said on Aug. 1 at Inman Actual Property Join Las Vegas. “We will really leverage the lender as a channel.”

HomeLight’s 2022 Collection D allowed it to acquire cash offer provider Accept.inc — a deal that the corporate claimed on the time made it the biggest “agent-focused” money provide 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 the moment providing HomeLight’s Purchase Earlier than You Promote product embrace wholesale mortgage lender The Loan Store and retail lender Luminate Home Loans, a subsidiary of Luminate Financial institution.

Primarily based in Minneapolis, Luminate House Loans additionally does enterprise as NEO Home Loans, using or sponsoring 456 mortgage mortgage originators who work out of 67 department places across the U.S., in accordance with records maintained by the Nationwide Multistate Licensing System.

Lisa Shapiro

“With Purchase Earlier than You Promote, we have been in a position to accomplish my purchaser’s aim: submitting a non-contingent provide, 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 House Loans Senior Mortgage Advisor Lisa Shapiro mentioned, in an announcement. “It was a really easy course of. Different packages have both value extra or didn’t talk effectively; at HomeLight, everybody has been extremely considerate, environment friendly, and communicative.”

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Email Matt Carter