Revolutionary bridge loan product now used by over 40 of the nation’s top lenders, including The Loan Store and Luminate Home Loans, and available in 47 states.
Today, HomeLight, the real estate technology platform powering innovative transactions for top agents, lenders, and their clients, announced $20 million of new funding supporting the expansion of its flagship financial product, Buy Before You Sell, to lenders and agents across 40 new states. The Series D extension was led by Zeev Ventures, with participation from Stereo Capital and Menlo Ventures, among others.
HomeLight Buy Before You Sell solves a significant problem that millions of homebuyers face: needing to sell their existing home in order to buy their new one. Buy Before You Sell uses AI technology to allow these individuals to unlock up to 70% of the equity from their existing home and begin making offers the same day.
Buy Before You Sell has already seen historically rapid adoption across the lender community, with 40 lenders currently using the product, including The Loan Store and Luminate Home Loans, among others. These partnerships with some of the nation’s largest lenders have fueled the product’s expansion, which is now operating in 47 total states.
“The contingent nature of homebuying for the majority of buyers is a big factor keeping more people from being active in the market,” said Phil Shoemaker, CEO of The Loan Store, a flagship Buy Before You Sell partner. “The lack of control can be a major turnoff for contingent buyers, knowing they can only afford a new home if they sell their current home first, and understanding that the timeframe for selling is completely reliant on other buyers. Empowering homeowners to buy a new home with the certainty that comes from Buy Before You Sell is immensely valuable.”
Buy Before You Sell offers top loan officers who are trained on the product several unique advantages:
- Review and approve clients’ property condition and eligibility for the program using HomeLight’s proprietary AI-driven algorithm in minutes
- Instantly unlock up to 70% of an approved client’s existing equity in their home
- Empower clients to make a stronger, non-contingent offer on their dream home, with no home sale contingency
- Allow clients to move on their timeline and sell their old home prepped and staged to maximize its sales price
“We are deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions,” said Drew Uher, Founder and CEO of HomeLight. “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.”
To date, HomeLight has partnered with over 10,000 top loan officers, over 28,000 top real estate agents, and unlocked over $655 million in equity from clients’ existing homes across the country with Buy Before You Sell. Top agents are now able to invite their preferred lenders to the platform to seamlessly help clients sell their current home to afford their next one.
“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,” said Lisa Shapiro, Senior Mortgage Advisor at NEO Home Loans, a subsidiary of Luminate. “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. We’re grateful this option exists.”
With partners like The Loan Store, Luminate Home Loans, and more, HomeLight Buy Before You Sell is now available to the majority of borrowers in the following states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin, and Wyoming.
Lenders interested in bringing Buy Before You Sell to their clients should visit: lenders.homelight.com
Agents interested in bringing Buy Before You Sell to their clients should visit: homelight.com/buy-before-you-sell/agents
About HomeLight
HomeLight is building the future of real estate — today. Our vision is a world where every real estate transaction is simple, certain, and satisfying for all.
Top real estate agents and loan officers are powered by HomeLight’s platform to compete and win. Together, we deliver better outcomes to their clients during every step of the real estate journey. Our technology makes it easier to buy and sell homes, whether that's enabling clients to buy before they sell, find a top agent, or have certainty through a modern closing process. Each year, HomeLight facilitates billions of dollars of residential real estate business on its platform for thousands of agents and loan officers.
Founded in 2012, HomeLight is a privately held company with offices in Scottsdale, San Francisco, Dallas, and Chicago, with backing from prominent investors including Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, Stereo Capital, Citi Ventures, Google Ventures, and others.
For additional information and images: homelight.com/press
About The Loan Store
Founded in 2019, The Loan Store, Inc. is a rapidly growing wholesale mortgage company leveraging efficient processes, modern technology, and decades of mortgage expertise to create a successful ecosystem for its broker and correspondent partners. The Loan Store is laser-focused on being a reputable conventional, jumbo, VA, and Non-QM lender, aggressively priced across all products for our clients. Led by industry veterans, we understand the importance of our symbiotic partnerships with brokers and lenders across the country. The Loan Store is dedicated to perpetuating its growth through 5-star service, automated processes, and consistently low rates. For more information, visit theloanstore.com.
About Luminate Home Loans
Luminate Home Loans is a national mortgage lending company that has been in business since 1998. Luminate’s mission is to help unlock people’s full potential through finances and to make lending approachable by bringing transparency and consistency to every part of the client experience. For more information about Luminate, please visit goluminate.com or reach out at (952) 698-3300.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240826046511/en/
Contacts
Annie Dreshfield, HomeLight
annie@homelight.com
