The company, which announced in July that it had raised $ 165 million through Will Smith’s Dreamers VC and a subsidiary of Jay-Z’s Roc Nation, will use NAR to connect with unqualified buyers.
New York City-based real estate startup Landis is partnering with the National Association of Realtors, the company said.
The company, which announced in July that it had raised $ 165 million in a Series A funding round through Will Smiths Dreamers VC and Arrive, a subsidiary of Jay-Z’s Roc Nation, will now partner with NAR, to connect with local agents to help home buyers customers who do not qualify for a home. If Landis takes over the client, the agent receives the full commission when Landis buys the home.
“Real estate agents are at the center of everything we do,” Landis co-founder Cyril Berdugo told Inman. “Every day real estate agents work with potential home buyers who are trying to get their own home but can’t. They are usually rejected by a mortgage lender. At that point, the real estate agent stops working with this potential homebuyer. But if they send this potential homebuyer to us and we buy a property for this customer, the real estate agent will actually represent us in this transaction. “
Founded by Berdugo and Tom Petit in 2018, Landis works with potential homebuyers who are unable to obtain a mortgage due to credit, lack of savings, or debt. Upon review, Landis will assist buyers who have the potential to qualify for a mortgage in a year or two. Landis then buys the home for the prospective buyer and rents it to them until they qualify for a mortgage and buy it.
These tenants also have access to Landis coaches to help them prepare their mortgages.
As of August 12, Landis operates in 47 markets in Alabama, Georgia, Indiana, Kentucky, North Carolina, Maryland, Ohio, South Carolina, Pennsylvania, Tennessee, and West Virginia.
Since its inception, Landis has raised a total of $ 182 million in debt and equity.
“Landis is an innovative company that also has a social mission that we are focused on,” Will Smith said in a statement. “We’re excited to be part of a journey that is helping Americans get their homes through financial literacy.”
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