Real estate fintech start-up Downpayments launches in Florida with $32.8m in debt and equity funding
US-based lender Downpayments has launched its services in Florida backed by $31.8 million in initial debt funding from Partners for Growth and $1 million in equity from Second Century Ventures, the investment arm of the US National Association of Realtors.
Downpayments secures $32.8m debt and equity funding for Florida debut
Making its debut at a time when mortgage rates are topping nearly 8%, the start-up seeks to provide property investors with interest-free down payments on their next home purchase by enabling them to leverage their existing equity, and without the need to refinance or forgo their current low fixed rates on other properties.
As a registered in-house brokerage, it’s also expected to provide buyer representation services, while it will also utilise open banking and artificial intelligence to better enable the handling of multiple mortgages.
The company says it plans to use its initial capital to facilitate over $200 million in investment property transactions.
Downpayments was founded by Godfrey Dinh, the CEO and founder of Sydney-based Futurerent, which offers similar financing services to property investors in Australia.
Describing access to down payments as “the biggest barrier to creating wealth through property”, Dinh says his latest venture aims to “empower investors on their journey to financial independence”.
“There has been very little innovation in this area,” he claims, “but with an abundance of data and our proprietary technology, we’re able to help people with one of the biggest purchases of their lives.”
