Shared equity platform point enters nevada ohio

Shared Equity Platform Point enters Nevada, Ohio

Homeowners in 18 states and Washington, DC may incur up to 500.000 US dollars of home equity leveraged by selling a portion of future home price appreciation to investors.

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Equity-share platform Point launched its services in Nevada and Ohio as part of a plan to be in 28 markets early next year, following a $115 million Series C fundraiser in May.

With Point's expanded presence, homeowners in 18 states and Washington, DC of up to 500.Benefiting from thousands of U.S. dollars in home equity by selling a portion of future home price appreciation to investors.

Eddie Lim, co-founder and CEO of Point, put the usable real estate capital in Ohio at $330 billion and in Nevada at $150 billion.

"The vast majority of homeowners in both states have usable equity and an incredible amount of assets in their homes," Lim said in a statement. "However, their assets are not always readily accessible to help with the necessities of life or to make a dream come true. And with mortgage rates rising, refinancing is a less attractive way to use home equity."

To qualify for Point's flagship money-backed investment (HEI), homes must have a value of at least 155.000 dollars, and owners must retain 20 percent of the equity after the Point investment is made.

Homeowners pay a service fee of 3 to 5 percent upfront plus the cost of an independent appraisal. But unlike a home equity line of credit (HELOC) or cash-out refinance, the Point HEI does not require monthly payments.

Instead, homeowners pay Point a portion of the home's appreciation in a lump sum when they are ready to buy the company's share, usually when they sell or refinance their homes. If the house has lost significant value, Point shares the losses. If the home simply holds its value or increases, a point can be earned better return on your investment than what mortgage lenders typically charge.

In addition to Nevada and Ohio, the Point HEI is available in select markets in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Virginia and Washington, as well as Washington DC Point plans to expand to nine additional states in early 2023.

In announcing its Series C fundraising campaign in May, Point said it was developing a New product aimed at homebuyers, Samendie which provides up to 15 percent of a home's purchase price for a down payment, helping buyers qualify for more expensive homes and avoid private mortgage insurance.

Point's website currently asks potential homebuyers interested in Seed to join a waiting list. The company had no additional information about when this program would launch.

Last year, Point completed what it promoted as the first securitization fully backed by deals with colleges for residential real estate, and also announced more than 1 bn .

Point was founded in 2015 by Lim, Eoin Matthews and Alex Rampell and says it has raised more than $170 million in equity to date from backers including Westcap, Andreessen Horowitz, Ribbit Capital, Greylock Partners, Bloomberg Beta, Redwood Trust and Atalaya Capital Management. , Kingsbridge Wealth Management, Deer Park Road Management, The Palisades Group, Alpaca VC and Prudential.

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