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Homeward, a home finance company that specializes in cash offers, announced that it has secured $371 million in growth capital, as well as $136 million in equity, and $235 million in debt, according to a press release. The company plans to scale service and support to meet outsized demand in this historic housing market, and open additional markets.
“Homeward is innovating at the intersection of real estate and fintech — that's the next frontier,” explains Jeff Crowe, managing partner at Norwest Venture Partners, who will join Homeward's board. “Homeward’s cash offer addresses real problems for homebuyers in all market conditions, and the team has identified a winning strategy by partnering with agents and their clients.”
Homeward operates in Texas, Georgia, and Colorado, and also empowers real estate agents to encourage buyers to become cash buyers. Homeward partners with real estate agents to preserve the client-agent relationship and protect their commission. Solutions are available to any agent, but the company typically partners with the top brokerages and teams to provide branding and digital marketing tools.
Realty Austin, a brokerage team of more than 570 agents, ranked #1 independent brokerage one of the hottest and hardest-to-navigate housing markets in America.
“We anticipated cash offers becoming standard a few years ago — sellers prefer cash offers because they are much more certain to close,” says Homeward Founder and CEO Tim Heyl. “We designed our cash offer in a way that enables real estate agents to make every buyer a cash buyer. Our instincts were right — that's obvious from the tremendous demand we're seeing today.”