The firm purchases homes for cash on behalf of buyers approved for mortgages
Mortgage lender BoardRE (Board) has announced that it is expanding its services in Colorado after completing its first round of venture funding.
The firm recently raised $7 million in debt and equity, which will be used to launch its services in the most competitive markets in the US.
Board utilizes cash to purchase homes on behalf of mortgage-approved buyers. Without additional costs, the company then sells the house to the buyer at the same price within two weeks or less once the buyer’s loan with the company is ready to close.
“Our goal is to ensure our borrowers can compete effectively with all-cash buyers, so they don’t lose the home of their dreams to an unfair advantage,” said Adam Pollack, co-Founder and chief executive officer of Board. “Board is built to allow anyone, whether it’s a first-time home-buyer with 5% down or Silicon Valley engineer, to offer sellers the speed and certainty of an all-cash deal. We are building a fairer, cash-only future of real estate that ensures anyone who can afford a mortgage has an equal shot at winning their dream home.”
“When it comes to buying a home, I’ve never heard anyone say they’ve had an enjoyable mortgage experience,” said Nick Friedman, co-Founder and chief operating officer of Board. “We don’t want a weak offer adding to the list of disadvantages a mortgage buyer experiences, so Board levels the playing field by providing any buyer it approves with the strongest offer in real estate. With Board, any buyer is an iBuyer, primed to compete against any offer.”