The white-labeling program, zavvie Power Buyer, was announced exclusively to Inman and will include 2 models: contingency-free (cash offer) financing and a buy-before-you-sell bridge loan
Lower's 'mortgage as a service' platform lets brands offer digital-first mortgages through application programming interface and no-code solutions
Soaring mortgage rates, slagging sales, thousands and thousands of layoffs: The past 12 months have offered a jarring reminder that what goes up must come down
The acquisition will expand the company's footprint to 14 states. The deal also comes amid a challenging time for the real estate technology sector
In an email on Monday, a spokesperson for the power buyer confirmed to Inman that the company had laid off workers and would now 'be a company of less than 30 people'
The cuts are the second time the power buyer has reduced its workforce as the market has rapidly deteriorated this year
The power buyer previously cut 20% of its staff in August. The cuts come as the broader real estate industry grapples with soaring mortgage rates and slowing sales
The New York-based power buyer had been purchasing homes on behalf of RibbonCash clients who were unable to close a deal with their own financing
The layoffs are the second round of job cuts from the end-to-end platform pioneer this year. They also add to thousands of other real estate layoffs in 2022
What is Sailbridge? Learn about the power buyer from Flyhomes, how its fees work and how a client can use it to make a cash offer
In Hot Springs, Arkansas, Ribbon will work with agents at Crye-Leike, which also partnered with Ribbon when it launched services in Alabama
Less than 2 months after layoffs, the power buyer is now in 17 states and says it's still on track to meet a goal of being operational in half of the US by the end of the year
California-based real estate brokerage and power buyer cites 'challenging real estate and financial market conditions and unfavorable capital-raising environment'
Founder and CEO Tim Heyl told employees in a letter Wednesday that the slowing market had made a sizable dent in the company's 'buy with cash' product, according to a spokesperson
Despite a softening market and a recent FTC fine, Mike DelPrete described Opendoor as well-managed and in possession of enough cash to thrive for years to come, at Inman Connect