It’s been a big week for us here at Flyhomes. On Tuesday, GeekWire wrote a great story detailing our acquisition of Loftium, a fellow real estate tech innovator and creator of the Host to Own model. This deal extends our mission of building a truly end-to-end home buying and selling experience for more clients in more markets by offering a new solution to address affordability.
At Flyhomes, our goal is to help everyone find and win a home they love and to do this for as many people as possible. To maximize the number of clients we’re able to serve, we’ve been systematically working our way through the top three barriers today’s home buyers face: 1. Competition, 2. Liquidity, 3. Affordability.
We currently have great solutions for the first two challenges – our Flyhomes Cash Offer and Buy Before You Sell, respectively. But the third challenge –affordability –has been really hard to address, and remains the most acute problem today, especially for first-time home buyers. As a business, we’ve asked ourselves, how can we solve the issue of affordability when home prices and interest rates are high?
We recently announced an initial effort to address affordability, a program we call Buy Now Refi Later which was lauded by Insider as one of the best refinancing options on the market. Loftium allows us to move this affordability fight further forward, with a solution that tackles affordability head on, helping aspiring homeowners leverage short-term rental hosting income to afford a home they love.
Another reason this deal makes sense strategically is the close alignment between our companies’ founding teams. We know Loftium’s founders well and have admired their team for years. Each of the founders has been a client of Flyhomes, we’ve had employees who have been customers of Loftium, and in the early years we even shared office space in our Seattle HQ. And, importantly, our missions are deeply aligned. This deal brings together two of the most customer-centric companies in real estate, and we can’t wait to get started!
Tushar Garg, CEO of Flyhomes
