OfferPad Secures $150 Million In New Financing
Fast-growing Direct Home Buyer to Use Funds to Continue U.S. Expansion, Allowing Homeowners to Move Freely
PHOENIX, May 16, 2018 /PRNewswire/ -- OfferPad, a leading direct home buyer and seller, announced the closing of $150 million of new equity and debt financing. In the last 16 months, the company has raised more than $410 million in equity and debt. Based on current monthly volume, OfferPad is projected to purchase and sell more than $1.5B of single-family homes over the next year.
OfferPad was founded by two established entrepreneurs, Brian Bair and Jerry Coleman, who are pioneers in the unprecedented growth of the single-family rental industry over the past decade. Combined, OfferPad's leadership team has purchased, renovated, and rented or sold more than 100,000 homes. The company's goal is to reinvent the traditional home sale transaction by eliminating many of the challenges and uncertainties sellers and buyers face today. With OfferPad, homeowners no longer need to stress about when or what their house will sell for, or deal with surprise showings to strangers. If renovations are needed to get the home buyer-ready, sellers no longer need to manage contractors or spend money on improvements that they will never get to enjoy. OfferPad takes on those responsibilities, giving sellers the ability to move freely.
According to a new survey commissioned by OfferPad and conducted online by The Harris Poll, among over 1,600 U.S. adults who are current homeowners or have ever owned a home, 70 percent believe that it should take two months or less to sell a home. In addition, 41 percent believe it should take one month or less. OfferPad customers select their own timeline and those seeking an immediate move, closed on average at 20-days in the first quarter of 2018.
"We believe homeowners should be in control of every step of the real estate transaction, and our goal is to allow people to make the best decision for themselves and their family," said Jerry Coleman, co-founder and co-CEO of OfferPad. "Our approach fundamentally changes the way people buy and sell homes, meeting the needs of today's consumer. This new capital investment will allow us to continue to expand our service offerings throughout the U.S. and provide new offerings to streamline the entire process of buying or selling a single-family home. We are confident that OfferPad has the most experienced real estate team, the best technology, and the best experience for buyers and sellers, and we are excited to help more people across the country."
OfferPad remains committed to removing the challenges in the process of buying and selling homes. Additional results from the survey showed that more than half of U.S. homeowners would be comfortable buying or selling a home online through a trusted direct home buyer/seller or iBuyer. An overwhelming majority (71 percent) aged 18-34 noted they were comfortable using these new services.
OfferPad has plans to grow significantly in existing markets and expand into several new markets in the future. Currently, OfferPad is buying and selling homes in Atlanta, Charlotte, Las Vegas, Los Angeles, Orlando, Phoenix, Salt Lake City and Tampa.
ABOUT OFFERPAD
OfferPad is a leading tech-enabled direct home buyer and seller. The company's on-demand platform is revolutionizing the industry with an innovative end-to-end real estate transaction experience. OfferPad streamlines the process for consumers, making buying and selling a home convenient and hassle-free. Founded in 2015, the company's leadership team has decades of real estate experience and collectively has purchased, renovated and rented or sold more than 100,000 homes. OfferPad is a privately held company, headquartered in Gilbert, Arizona, with markets in Atlanta, Charlotte, Las Vegas, Los Angeles, Orlando, Phoenix, Salt Lake City and Tampa.
SURVEY METHODOLOGY
This survey was conducted online within the United States by The Harris Poll on behalf of OfferPad from April 12-16, 2018 among 2,025 U.S. adults ages 18 and older, among whom 1,602 are currently homeowners or have ever owned a home. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].
SOURCE OfferPad
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