Proptech company Flyhomes is expanding nationwide. Lenders and mortgage brokers across the country will soon have access to Flyhomes’ suite of products, according to an announcement from the firm.
As the first step in a “phased rollout,” the company is launching Flyhomes Guaranteed Backup Contract, a “buy before you sell” solution to be offered through Flyhomes’ lender Partner Channel.
The Flyhomes Partner Channel allows independent mortgage brokers and bankers to offer their clients the Flyhomes Guaranteed Backup Contract product. In addition, those who partner with Flyhomes will also have the ability to broker transactions to Flyhomes Mortgage for its short-term bridge loan products.
“The mission for all of us in real estate is to make buying and selling a home easier, less stressful, and less costly,” Tushar Garg, co-founder and CEO of Flyhomes, said in a statement. “We’re thrilled to announce that the proprietary products and services we built to help our clients close on more than $6 billion worth of homes will also be available to lenders and brokers across the country.”
He continued: “There are amazing real estate professionals out there doing incredible work, but it takes resources and innovative financial tools to deliver an exceptional client experience in the face of current market challenges.”
Homebuyers who use the solution will have the ability to buy their future home prior to selling their current one. The product enables the purchase lender to treat the client’s current home as sold while giving the client the ability to sell their home on the open market for up to 90 days after buying their new property.
The new partner channel will be led by Eric Meadow who recently joined as the vice president of partnerships following Flyhomes’ acquisition of the Home Sale Assured assets.
“The long term vision for the channel is to have our full suite of products available through third-party origination or distributed sales channels,” Meadow said in a statement.
In the near future, Flyhomes expects to release a product through the Flyhomes Partner Channel, which will feature lending options also from Flyhomes Mortgage to help buyers unlock their existing home equity for a down payment.
“Our direct to consumer channel will remain the core function of our business, but this new channel will significantly increase the number of people we can serve by instantly unlocking millions of new customers across the country,” Dan Richards, the executive vice president of mortgage and closing at Flyhomes, said in a statement.
He added: “Through their local lenders and brokers more people will soon be able to win in any situation thanks to our modular product designs and cost effective solutions. We provide the operations infrastructure and funding of services, and our partners get to unlock new purchase transactions and long-term customer relationships.”
