What do Wells Fargo, Yelp CEO Jeremy Stoppelman, Deutsche Bank, reddit co-founder Aleix Ohanian, Blackstone and Joshua Kushner (yes, the brother of President-elect Donald Trump's son-in-law, Jared Kushner) have in common? They're all investors or lenders that have funded Opendoor, a startup that's turning the real estate industry on its head with $720 million in equity and debt financing. At least 53 of the world’s biggest financial institutions, venture-capital firms and high net-worth individuals have either invested in or extended credit to the property-exchange platform now valued at more than $1 billion. Blackstone and Deutsche Bank are two of at least four financial institutions to have financed Opendoor’s property purchases, an Inman review of property records reveals for the first time. There's also evidence to suggest that Blackstone could package loans to Opendoor into a bond known as a mortgage-backed security (MBS) -- a technique that could allow Opendoo...
- Blackstone and Deutsche Bank have financed some of Opendoor's home purchases, property records show.
- Opendoor has racked up at least 53 past or current equity/debt funders in a list that reads like a who's who of Silicon Valley and Wall Street.
- Opendoor has strong ties to the single-family and short-term rental industries. Opendoor doesn't rent out any of its homes now but wouldn't say if it might in the future.
- Some evidence suggests Blackstone could package loans it made to Opendoor into what could be called a "fix-and-flip MBS" (mortgage-backed security).