REAL ESTATE TECHNOLOGY
Anurag Khadkikar | July 29, 2021
Lev, the leading online commercial real estate finance transaction platform, announced a $30 million Series A investment led by Greenspring, with participation from First American Financial. In addition, existing investors such as NFX, Canaan Partners, JLL Spark, Animo Ventures, and Ludlow Ventures participated in the round. The amount raised is one of the largest in the commercial real estate (CRE) financing space to date, and it will help Lev's mission of assisting CRE investors in obtaining the best financing for their properties by combining the collective knowledge of Lev's expert team with hundreds of millions of data points.
The funds raised will be utilized mainly to expand Lev's team, both at their New York City headquarters, Miami R&D center, and Los Angeles outpost, as well as via remote positions. In addition, continued investments in product development and service expansion will be made. Lev closed about $100 million in loans in its first year of operations in 2020 and is expected to close more than $1 billion in 2021.
Lev is a full-stack transaction platform for the commercial real estate investment lifecycle, from analysis, financing, and closing through monitoring, servicing, and, when the time comes, disposition. Lev products are developed in-house by a team of experts that combine their knowledge of capital markets with cutting-edge technology, processing a huge amount of loan data through custom machine-learning software to manage even the most complicated transactions.
Lev products are developed in-house by a team of experts that combine their knowledge of capital markets with cutting-edge technology, processing a huge amount of loan data through custom machine-learning software to manage even the most complicated transactions.
Lev assists commercial real estate owners and investors in obtaining the best financing possible for their properties. Lev's capital markets experts use machine learning technologies to analyze your portfolio better, find the appropriate lender for each transaction, and close deals fast while keeping clients informed at all times. Lev, founded in 2019 and based in New York City's SoHo area, transacts across all asset types throughout the country.
REAL ESTATE TECHNOLOGY
Lower | June 15, 2022
Amidst a growing number of cash offer products, Lower.com, the multi-channel fintech aimed at creating wealth through homeownership, is launching MortgagePass to help customers get their dream home with that it refers to as the ultimate cash offer, while continuing to work with their preferred real estate professional.
We recognize the immense value real estate agents bring to this transaction. All too often, customers are forced to unhook from their agents or pay an additional fee to retain their agents in order to offer cash on a home. We want our customers to benefit from the expertise of their local agents while also gaining the competitive advantage of offering cash, as nearly a third of purchases are cash offers."
Dan Snyder,co-founder and CEO
Through the program, customers will be pre-approved for a mortgage through Lower.com. Then, they can shop for a home and place an offer that is backed by cash. They will continue to finance as normal, and if it gets delayed, Lower.com will purchase the house in cash. Once financing is complete, Lower.com will sell the home to the buyer for the original purchase price.
Customers who use MortgagePass™ also have access to a simple application and tech platform, low fees, and the ability to choose their own loan term, in addition to their own agent. They'll also get access to extended rate locks and if rates drop, they'll be lowered for free.
"Giving customers a smooth experience with more certainty is our top priority. We want them to feel at ease during the process and focus on finding the right house, not on financing," said Snyder. "We also want them to know that if the market changes, they'll still get the best deal and won't miss out on lower rates."
MortgagePass™ is launching in Columbus with plans to quickly expand throughout 2022.
Lower's multi-channel fintech platform helps consumers build wealth through homeownership, no matter where they are in their life's journey. Our products for mortgage, banking, insurance, and real estate provide customers with an intuitive ecosystem to simplify their homeownership goals, whether it's their first home or their last. Lower is a national and local best place to work, and the naming rights partner of Lower.com Field, home of the Columbus Crew.
REAL ESTATE TECHNOLOGY
Inhabit IQ | August 28, 2021
Inhabit IQ®, a unique collective of tech-forward products serving the residential, commercial and vacation rental management industries, and ResMan®, a leading property management SaaS platform provider, today announced that Inhabit IQ has added ResMan to its suite of solutions for multifamily and commercial property management. Terms of the transaction were not disclosed.
ResMan offers an industry-leading property management platform that helps residential and commercial real estate managers operate more efficiently, thereby benefitting residents, managers and owners. The company's technologies provide end-to-end visibility into both front- and back-office operations, including accounting, budgeting, maintenance, reporting, and end-to-end leasing, among other unique capabilities.
This transaction will give Inhabit IQ a core residential-focused property management solution, while further expanding Inhabit IQ's presence in the affordable housing market. Inhabit IQ's market-leading ancillary product offerings covering payments, screening, insurance, utility billing, document management, inspections, facility maintenance and learning management are highly complementary with ResMan, and the combination will enable the company to meet the evolving needs and priorities of property management companies. The platforms of both Inhabit IQ and ResMan will remain open to partnerships with other solutions providers, allowing customers the choice of best-in-class providers to manage and optimize performance.
"We admire the quality of ResMan's products, team and customer-centric approach. With ResMan's industry-leading technology platform, we will have a full suite of solutions that allow property managers for residential, commercial and vacation rental properties to seamlessly operate their businesses either exclusively with Inhabit IQ and ResMan or in partnership with other providers," said Lisa Stinnett, CEO of Inhabit IQ. "Providing customers with flexibility and access to best-in-class solutions have been the guiding principles for both our companies. We are excited to welcome the talented ResMan team to Inhabit IQ, and look forward to further accelerating innovation across our solutions as we offer a one-stop, industry-leading platform to our clients."
"We're excited to join forces with Inhabit IQ and take our company to the next level as part of a premier and differentiated platform of leading property management solutions and services," said Paul Bridgewater, CEO of ResMan. "In recent years, we have successfully scaled our customer-first service model and expanded the reach of our software platform to new segments of the industry. Inhabit IQ's industry knowledge and collaborative approach with fast-growing tech companies make them the ideal partner to create a true industry-leading offering."
"We are proud to have supported ResMan's growth and expansion as the company takes this exciting next step in their journey," said Gavin Turner, Managing Partner at Mainsail Partners, ResMan's growth equity partner prior to today's transaction. "Since our investment in 2017, ResMan has experienced strong organic growth as a result of key investments in people, innovation and technology, as well as transformative growth from several add-on acquisitions. We are confident ResMan will continue to accelerate its momentum and provide clients with an even stronger offering as part of Inhabit IQ. We look forward to watching their continued success."
ResMan's headquarters will remain in Plano, Texas, and the Company will continue to be led by Paul Bridgewater and its current senior leadership team.
Weil, Gotshal & Manges LLP served as legal advisor to Inhabit IQ. Harris Williams LLC served as financial advisor to ResMan.
ResMan is the preferred growth partner that drives profitability and efficiency for nearly a thousand property management companies across the U.S. ResMan delivers the property management industry's most innovative technology platform, making property investments and operations more profitable and easier to manage. ResMan's platform unlocks a new path to growth for property management companies that deliver consistent NOI improvement and brilliant resident experiences easier than ever before.
About Inhabit IQ
Inhabit IQ is a unique collective of tech-forward companies serving the vacation and property management industries. Its strategic partnerships deliver best-in-class software solutions and services while fostering innovation and collaboration with like-minded entrepreneurs and industry leaders. The company believes that property managers should have the opportunity to choose platforms that best support their business goals and benefit from strategic partnerships across their ecosystem. Inhabit IQ has several private equity partners, including Goldman Sachs Asset Management, Insight Partners, Greater Sum Ventures and PSG, that are committed to helping support the Company's commitment to property management software innovation.
About Mainsail Partners
Mainsail Partners is a growth equity firm with offices in San Francisco and Austin that invests exclusively in fast-growing, bootstrapped software companies. The firm has raised over $1.3 billion and invested in more than 50 growing companies since 2003. Mainsail prioritizes investments in B2B software companies with compelling business models in growing markets. The firm's approach to driving value creation is anchored in a dedicated Operations Team that is purpose-built to help founders scale their businesses and accelerate growth. These women and men include former software company operators who leverage real-world experience, well-established best practices, and a true partnership ethos to support management teams.