REAL ESTATE INVESTMENT, MORTGAGE AND LENDING
Roc360 | March 16, 2023
Roc Capital Holdings LLC (Roc360), a financial services platform for residential real estate investors, recently announced its completion of the previously announced acquisition of Finance of America Commercial (FACo) assets. Under the transaction terms, Roc360 acquired the operational assets of FACo, a Finance of America Companies Inc. division specializing in residential real estate investment loans.
Roc360 will give the brand a unique logo and execute it under a new subsidiary using its current name, Finance of America Commercial. It will join Roc360's growing collection of leading real estate’s brands, such as Haus Lending, Roc Capital, Elmsure Insurance, Wimba Title, and Tamarisk Appraisals. The FACo acquisition enhances Roc360's existing origination footprint in its retail and wholesale channels, and the acquired data will contribute to Roc360's data science initiatives. In 2022, the two companies collectively financed over $4.6 billion in loans for business purposes.
FACo traces its origins back over a decade to its forerunners, B2R Finance, Dwell Finance, and Jordan Capital Finance, innovators in the national private lending sector that provided fix-and-flip and landlord DSCR loans to real estate investors. It has funded over $6 billion to 9,000+ individual guarantors across 25,000+ closed loans via its broker channels and borrower-direct.
Arvind Raghunathan, Founder and Chief Executive Officer of Roc360, said, "Roc360 is committed to delivering innovative products and services that help rejuvenate and deliver new and like-new energy efficient homes to America's undersupplied housing stock." He also said, "The acquisition further broadens our reach and ability to make a difference. We will continue to pursue growth opportunities, including acquisitions, that expand our ability to provide solutions to real estate investors."
(Source – Cision PR Newswire)
Roc360 is a vertically integrated platform for residential real estate investors and one of the leading creators of business-purpose loans nationally. The company was established in 2014, employs more than 300 people and funded more than $14 billion in loans through its lending subsidiaries. It is based in New York City with offices across three continents. In addition, Roc360 joined the Deloitte Technology Fast 500, a ranking of the 500 North American companies with the fastest-growing media, technology, telecommunications, fintech, life sciences, and energy tech industries in 2022.
MARKET OUTLOOK, REAL ESTATE TECHNOLOGY
MRI Software | February 27, 2023
One of the leading software solutions in real estate, MRI Software, announced it completed the acquisition of the $93.4 million stock of PropTech Group. The Foreign Investment Review Board (FIRB), Australian Competition and Consumer Commission (ACCC), and Federal Court of Australia approved the highly anticipated transaction, first announced last year.
Australia's property technology (PropTech) industry has experienced extraordinary growth in recent years due to an influx of new providers and innovation. By acquiring PTG, MRI enhances and expands its MRI LivingTM suite of residential sales and property management solutions, automating and simplifying all consumer touchpoints within the real estate industry.
It is recommended that the agency professionals continue their work with their respective PTG or MRI contacts. The PropTech Group initially traded as PTG on the Australian Securities Exchange (ASX) in November 2020 with a suggestive enterprise value of $27 million outlined in its Prospectus. MRI has acquired it for $93.4 million, equal to a nearly 250% increase in value in the past two years.
Senior Vice President and Executive Managing Director for MRI Software in Asia Pacific, David Bowie, said, "This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand." He added, "The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle."
(Source: Cision PR Newswire)
About MRI Software
MRI Software, is a top real estate software solution provider that transforms how communities live, work and play. Its open and connected AI-first platform empowers owners, workers, and occupiers in residential and commercial property organizations to revolutionize in rapidly changing markets. It has been a pioneer in the PropTech industry for over fifty years, offering two million+ users globally. Through a rich partner ecosystem and innovative solutions, the software provider provides real estate companies access to accomplish their vision of building flourishing communities and more substantial businesses.
MARKET OUTLOOK, REAL ESTATE INVESTMENT
FirstBank | February 23, 2023
FirstBank, a Nashville-based community banking provider to businesses, families, and individuals, recently announced an investment in Zippy, the fintech company that offers seamless manufactured home loans. By combining its knowledge with Zippy's groundbreaking technology, FirstBank is able to increase access to affordable homeownership and demonstrate its dedication to providing cutting-edge banking solutions for its local communities.
Zippy is at present available in nine states including Kansas, Virginia, Missouri, Georgia, Alabama, Michigan, Texas, Arizona, and Indiana, and intending to double its current footprint in 2023. Zippy supports customers access for community-sold homes in master-planned communities that provide homeowners with amenities through the home loans the company offers. The amenities it helps with include workout facilities, community pools, playground and more.
FirstBank has a vast experience in home lending manufacturing, and with investment in Zippy it will offer manufactured homes that are well-constructed and provide much-needed affordability amidst the current housing crisis in the United States. Zippy was created by former JP Morgan bankers, CEO Ben Halliday, and COO/President Jordan Bucy. They became community owners after acquiring a manufactured home community and completing a four-year renovation project. This experience gave them insight into the challenges facing the industry and a respect for the manufactured housing model. They then developed a unique online platform that can provide competitive loans in just five days.
Wade Peery, Chief Innovations Officer at FirstBank, said, "FirstBank has extensive experience in manufactured home lending and has invested in fintech partnerships that enable us to offer innovative solutions that meet the needs of our customers.“ He also said, "In today's housing market, finding new paths to affordable homeownership is critical. This partnership will make buying a home possible for many new individuals and families."
(Source: Cision PR Newswire)
FirstBank is based in Nashville, Tennessee, and has 82 full-service branches in Tennessee, South Central Kentucky, Alabama, and North Georgia, in addition to mortgage offices located throughout the Southeast. The company is a wholly owned subsidiary of FB Financial Corporation with an approximate total assets valued at $12.8 billion. Established in 1906, FirstBank's approach to serving businesses, families, and individuals within the communities it calls home has prioritized local banking. FirstBank has grown through acquisitions and internal expansion to become a leading provider of core banking services.