DealmakingFintechM&A / FundingMortgageProptechReal Estate Tech

Setpoint announces real estate transaction platform launch, $615M debt raise

Setpoint, a company building infrastructure for modern real estate transactions, today announced emerging from stealth with $615 million in debt capital and the public launch of its platform, according to a press release.

The company’s enables proptech companies to offer frictionless home buying and selling options, including contingent-free, all-cash offers to customers, which it says enables these businesses to accelerate funding and closing on properties.

Setpoint says this helps more Americans “succeed in buying and selling homes — especially in a hypercompetitive marketplace,” adding that it is on track to power 25,000 home transactions in 2022. The company noted its software is currently used by proptechs including Homeward, Flyhomes, Reali and Houwzer.

“Setpoint is exclusively focused on modern real-estate transactions like bridge funding, fractional ownership, and home equity platforms. We’ve developed our tools from the ground up for proptech companies interested in offering more innovative services,” stated Stuart Wall, Setpoint co-founder and CEO, in the release.

“As both a technology provider and lender, we are in a unique position to improve how these transactions work. We’ve been able to streamline the closing process — which previously took weeks — to as little as 40 minutes once the parties are in-contract,” Wall said.

Operating as a SaaS, the says its backend platform provides streamlined workflow tools including document collection and verification, automates manual closing processes and boosts transaction throughput. The company also noted that it provides collateral asset management, treasury services that include automated wire to escrow transfers and debt facility management.

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It says it will use the $615 million in bridge capital to enable its proptech clients to purchase and finance properties on behalf of their customers. It accomplishes this through its “Buy with Cash” and “Buy Before You Sell” purchase options, which act via iBuying and Fractional Ownership real estate models.

Setpoint noted that these purchasing options are increasingly important, with the National Association of Realtors (NAR) estimating that cash offers accounted for 23% of all single-family home purchases in 2021. This accounts for roughly $518 billion of the total $2.25 trillion existing home sales, and shows the “need for speed” in property acquisition due to a volatile, fast-moving real estate market.

In other recent proptech news, Sundae CEO Josh Stech discussed the company’s recent product launches, market outlooks and plans ahead. Managed App also raised $5.3 million for its automated rental payment system.

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