OfferPad, the housing investment platform, acquired an impressive $50 million in funding from LL Funds, the private equity firm, and other investors, and proceeded to extend an already-existing $100 million credit line. This comes shortly after the home-flipping platform cut ties with Zillow after their announcement of offering a similar buy-and-resell-homes service.
OfferPad works by purchasing homes from owners who are looking to sell as fast as possible but for a promised price, and lists them for resale on their digital platform - similar to Opendoor, which recently pulled $35 million in equity.
The property venture was founded in 2015 by Brian Blair and Jerry Coleman. Currently, they buy and sell homes in the major cities of Atlanta, Charlotte, Las Vegas, Los Angeles, Orlando, Phoenix, Salt Lake City and Tampa, and are preparing to spread out into even more.
Join us in Miami from the 20th to the 22nd of June for the Global Online Marketplaces Summit. Our summit theme is From Classifieds to Marketplaces – Capturing Value from the Transaction and we’ll hear from Global Leaders who are creating the Online Marketplaces of Tomorrow.