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Haus, a startup that aims to make home ownership more affordable and flexible, announces that it has collected an additional $ 7.1 million.
This amount combines a $ 4.1 million seed capital investment by Montage Ventures. and a debt of $ 3 million, which will contribute to the financing of new co-investment model.
Haus was created by the co-founder of Uber, Garrett Camp, as part of his Expa startup studio . When it was launched in 2016, it aimed to digitize and bring more transparency to the process of buying a home. Since then, Jonathan McNulty, a former Trulia executive, has joined the group as CEO. He introduced this co-investment model, in which Haus helps finance a purchase by buying shares in the house.
The idea is that instead of going into debt, the homeowner shares both the risks and benefits of changing home values with Haus. And instead of paying off a mortgage, the homeowner makes monthly payments to Haus, who buy more equity and pay the startup and its investors.
The company estimates that these payments are on average 30% lower than a traditional mortgage payment. McNulty said in an email that Haus caps on the "option" portion of the payment, so homeowners are still buying as much as they had in their first payment, even though the value of the house was increasing.
"From the consumer's point of view, there were only two property options today: paying cash for your home or borrowing money from a bank or lender with a mortgage," he said. -he declares. "With Haus, we are replacing this mortgage relationship and creating a direct partnership with the consumer to create a whole new way to finance a home."
Mr. Haus can also work with existing homeowners to replace some or all of their mortgage – McNulty noted that in some cases it may be wise to "keep active mortgage debt for tax purposes".
When asked how consumers have reacted so far, McNulty has declined to provide specific numbers, but he said the service is active in Washington, DC, and Oregon, and these states Western. "
Other new investors include RIT Capital Partners and Tim Ferriss. McNulty said the funding will allow the company to expand its team, especially to do more marketing and enter new geographic areas.
"The current real estate model has been in shambles for a long time," said Matt Murphy, a partner of Montage Ventures, in a statement. "Homeownership … for people aged 25 to 34 is much lower than it should be." We are delighted to partner with Haus to provide much needed relief to current owners and potential buyers. "
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