Mortgage startup BoardRE Inc. (Board) seeks to disrupt the lending market by enabling home buyers to pay cash for their home, thus helping them avoid the risk of losing the sale to an all-cash buyer.
Board uses cash to buy homes on behalf of buyers the company has approved for a mortgage.
Once the buyer’s loan is ready to close, Board sells the home to the buyer at the same price that it bought it for, typically in two weeks or less.
Because Board generates revenue from the mortgage origination, it does not add costs to buyers, sellers or real estate agents who leverage its cash offer service.
“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,” says Adam Pollack, co-founder and CEO of Board, in a release. “Board is built to allow anyone, whether it’s a first time home-buyer with five percent 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,” Pollack adds.
The company has launched its services in Colorado, where it is headquartered, and has already closed several transactions.
Board reports that it recently completed a first round of venture funding, raising $7 million in debt and equity.