People hoping to own their own home have been hit by uncertainty in the real estate markets and rising interest rates.
It shows that the company is in the right place. The company was founded by Cyril Berdugo and Tom Petit in order to make it easier for people to become homeowners.
The model of the company is for their client to have a budget and work with real estate agents to find a home within that budget. The client of Landis buys the home and then rents it from him.
The company helps the client reach their goal of getting a mortgage to buy the home when they are ready.
He said there was a lot of uncertainty in the real estate market. The ability for Americans to reach homeownership is impacted by interest rates going up or down. The stability that lenders give to our clients is important to us. The uncertainty is removed by creating a structure where the price is set.
When it raised $165 million of funding in a mix of equity and debt, we profiled the company. The company operates in 29 cities in 11 states, and now it is in over 50 markets.
Today, the company announced $40 million in Series B funding, which was joined by Sequoia Capital, Jay Z's Roc Nation fund Arrive, and Operator Partners. The company has raised $222 million in equity and debt funds so far.
With the current volatility in the house markets, we saw an opportunity to raise capital to double down and allocate more funds to coaching clients to reach homeownership.
He did not reveal revenue metrics, but did say that the company's valuation increased with the new round, and that the number of applications into the program increased by more than seven times since last year.
The funding will be used to grow the program. The company will invest $2 million in its coaching program, which provides one-on-one support to clients so they can improve their credit history and build savings. Clients can get a mortgage and become the owner of their home once they meet their goals.
The company makes money when it buys and sells homes and doesn't charge for the coaching, which is why Berdugo says it is a big deal.
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