Arizona based home selling platform OfferPad has announced $260m in funding, made up of $230m in debt financing and $30m in venture funding from Philadelphia based LL Funds. OfferPad buys homes directly from homeowners through an online platform -- allowing them to skip the painful traditional process millions experience each year when selling a home.
Founded by real estate industry leaders Brian Bair and Jerry Coleman, OfferPad is reinventing how people sell their homes by eliminating the hassle and uncertainty of the home selling process. Bair was formerly the second highest-selling real estate agent in the US, according to an annual ranking report by REAL Trends, Inc. and The Wall Street Journal. Coleman is one of the founders of Invitation Homes LP, a Blackstone Group company and the largest owner of single-family rental homes in US history with an investment of over $10 billion dollars. Through their experience acquiring approximately 100,000 homes across the country, the team recognized the needs of homeowners have evolved, while the traditional model has remained stagnant.