A technology startup has raised $225 million to help fund its expansion into new markets.
New York and Charlotte, NC headquartered firm Ribbon began operating in Charlotte before expanding to two other markets in the state - Cary and Asheville – and then to South Carolina’s Fort Mill and Indian Land.
It now intends to expand to 10 new markets by the end of 2019 on the way to becoming a national platform for homebuyers.
Ribbon partners with real estate agents to help buyers who need to act quickly to secure their choice of home, for example because of high levels of investor or corporate activity are making the market competitive.
Pressure to close mortgage eased
By enabling an all-cash offer for the home, it offers an option for buyers who can’t close a mortgage fast enough to secure their home choice. The firm’s backing means pressure to close is eased.
"Buying a home is a milestone to be celebrated and enjoyed. However, if you are a first-time homebuyer or you need to sell your existing home prior to buying a new home, the current homebuying process is an intimidating and stressful experience," said Ribbon CEO Shaival Shah. "We solve this problem by buying and reserving a home for a family, so they can secure their mortgage in peace without the risk of losing the home they love."
The platform offers free, professional, same-day valuations; an app for real estate agents; and is free to buyers with a fee paid by sellers.
The firm says it has signed up agents from all major real estate brokerages.
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