Kiavi, a real estate investor (REI) financing provider, announced expanding its products to two new states, Indiana and Kansas, according to a press release.
The company says these Midwest states have become strong markets for real estate investment, leading the company to now offer its bridge and rental loan products.
Kiavi pointed out that home values in Wichita increased 12.6% last year, and that Indianapolis is ranked as the fourth-best housing market positioned for growth in 2022, to explain the expansion decision.
Kiavi offers bridge loans, also called “fix-and-flip” loans, to offer flexible, short-term financing for the purchase and rehabilitation of investment properties.
The company also provides rental loans as a long-term financing option for REIs that are interested in property appreciation and rental income.
“Kiavi is on a mission to improve lives through real estate. We are thrilled to support real estate investors and our customers in two more states, helping them rehabilitate neighborhoods in these markets,” stated Michael Bourque, CEO of Kiavi, in the release.
“Both states have particularly strong rental markets, as 45% of all occupied homes in Indianapolis and 36% of all occupied homes in Overland Park are rental properties. With our technology platform, access to financing and ability to close quickly, I am confident REIs and our existing customers expanding their portfolio in these two states can make smarter decisions and unlock the true potential of their real estate investments,” Bourque said.
It says out-of-state investors are increasingly focused on Indiana, due to relatively affordable real estate property and significant potential for returns.
“Kiavi’s entry into the Kansas and Indiana markets will be a major asset to real estate investors making an impact to communities through local home improvement projects. The level of operations and exposure Kiavi has are invaluable, giving investors a leg up as they expand their portfolio into new markets,” said Adam Lambert, manager at Kiavi client Simple House Buyers.
In other recent proptech news, Tomo raised a $40 million Series A to continue expanding its purchase mortgage service. Porch also plans to buy a stake in Residential Warranty Services (RWS) for $33 million.