The agent, which launched in January 2017, works by advancing sellers 97% of a property’s value before they sell their house so they can buy a new one with cash.
An estate agent offering cash to sellers up-front called Nested has raised £36m of funding led by Global Founders Capital – bringing its total to £47m.
The agent, which launched in January 2017, works by advancing sellers 97% of a property’s value after 90 days even if the house hasn't yet sold.
Matt Robinson, chief executive of Nested, said: “This latest round of funding is recognition of the demand we’ve seen from home sellers in London.
“We’re already guaranteeing tens of millions of pounds worth of homes each month, and are delighted to be helping so many people with what is one of the biggest transactions any of us make in our lifetimes.”
Sellers are charged 2-4% of the purchase price in fees, or 1.5% if Nested only manages to sell the property for 97% of the price.
The valuation is handled by Nested, while it also markets the property being sold.
If the property hasn’t been sold within 90 days the seller is advanced the money and the agent will continue trying to sell it.