New York City-based real estate startup Landis has raised $165 million in a Series A funding round, the company announced.
Landis works with prospective homebuyers who are unable to get mortgages due to credit, a lack of savings, or debt, according to the release. After vetting them, Landis backs the ones who have the potential to qualify for a mortgage in a year to two years. Landis then purchases the home for the prospective buyer and rents it to them until they are able to qualify for a mortgage and buy it. Those renters are also given access to Landis coaches who help get them mortgage ready.
“We understand that people can fall on tough times, but no one should be locked out of homeownership forever. Whatever their situation, we give our clients easy, achievable steps to become eligible for a mortgage. Getting ready for a mortgage is often a stressful and difficult process. Landis makes it easy, fun and approachable,” Petit said in a statement.
As of today, the Landis Homeownership app can be utilized for free by anyone who has an iPhone. The app’s platform displays a user’s credit, down payment, savings, and debt. It also lays out the steps they need to take to successfully get a mortgage.
“What makes Landis unique is our ability to coach anyone to homeownership,” Berdugo said in a statement. “This new funding will allow us to help more Americans on their path to homeownership by expanding to new states, hiring talent nationwide and providing a better experience to our clients and partner agents and lenders.”
Since launching, Landis has secured a total of $182 million in debt and equity.
“Landis is an innovative company that also has a social mission we are aligned with. We are excited to be part of a journey that helps Americans achieve homeownership through financial education,” Will Smith said in a statement.