- Y Combinator-Backed Company Completes First Round of Venture Funding, Raising $7 million in Debt and Equity -
- Company Seeks to Disrupt the Mortgage Lending Market by Making Every Home Purchase Offer an “All-Cash” Offer -
DENVER, June 04, 2019 (GLOBE NEWSWIRE) -- BoardRE Inc. (Board), a mortgage company that seeks to disrupt the mortgage lending market and level the playing field for home buyers by upgrading any offer to an all-cash offer, today announced the launch of its services in Colorado, where the firm is headquartered.
Board is a Y Combinator-backed company, with the company founders participating in the esteemed accelerator’s Winter 2019 cohort. The company is venture backed by some of the most notable investors, including Global Founders Capital (GFC), DN Capital, Ilya Kirnos (Founding Partner @ SignalFire), and Silicon Valley’s 1517 Fund, which is backed by Peter Thiel. The company recently completed its first round of venture funding, raising $7 million in debt and equity, which will be used to launch the company’s services in the nation’s most competitive real estate markets.
Board uses its cash to buy homes on behalf of buyers the company has approved for a mortgage. Once the buyer’s loan with Board is ready to close, Board sells the home to the buyer at the same price that it bought it for, typically in 2 weeks or less. Because Board generates revenue from the mortgage origination, Board does not add costs to buyers, sellers or real estate agents who leverage its cash offer service.
The firm has already successfully closed several transactions, helping its customers become more competitive when making an offer to purchase a home. Industry data suggests that cash buyers are 97% more likely to win in a multiple offer situation than mortgage buyers (Redfin) and can close, on-average, 10 times faster than those buyers. In addition, cash buyers receive an average discount of 5%, compared with mortgage buyers.
“Our goal is to ensure our borrowers can compete effectively with all-cash buyers, so they don’t lose the home of their dreams to to an unfair advantage,” said Adam Pollack, Co-Founder and Chief Executive Officer of Board. “Board is built to allow anyone, whether it’s a first time home-buyer with 5% down or Silicon Valley engineer, to offer sellers the speed and certainty of an all-cash deal. We are building a fairer, cash-only future of real estate that ensures anyone who can afford a mortgage has an equal shot at winning their dream home.”
“When it comes to buying a home, I’ve never heard anyone say they’ve had an ‘enjoyable mortgage experience’,” said Nick Friedman, Co-Founder and Chief Operating Officer of Board. “We don’t want a weak offer adding to the list of disadvantages a mortgage buyer experiences, so Board levels the playing field by providing any buyer it approves with the strongest offer in real estate. With Board, any buyer is an iBuyer, primed to compete against any offer.”
About Adam Pollack
Mr. Pollack is Co-Founder and Chief Executive Officer of Board. In this role, he is responsible for shaping the company’s strategy and product development for consumers and valued agent partners. Mr. Pollack participated in the Winter 2019 Y Combinator program for entrepreneurs and won financing by the esteemed accelerator. Prior to founding Board, Mr. Pollack was a student at Harvard College, where he pursued a Bachelor of Arts degree in Social Theory and Spanish. Mr. Pollack is proficient in Spanish. Adam is also a licensed loan officer in the State of Colorado.
Mr. Pollack began is entrepreneurial career at a young age, having started a successful cargo transportation business at the age of 11 with his twin brother Benjamin on Fire Island. Their business was the topic of a feature story in the Wall Street Journal in 2012.
About Nick Friedman
Mr. Friedman is Co-Founder and Chief Operating Officer of Board. In this role, he is responsible for overseeing internal and external business development and managing the company’s lending and purchase operations. Mr. Friedman participated in the Winter 2019 Y Combinator program for entrepreneurs and won financing by the esteemed accelerator. Prior to founding Board, Mr. Friedman was a student at Williams College, where he was on the Dean’s List and pursued a Bachelor’s degree in Economics and Mathematics before leaving to start Board. Mr. Friedman is an accomplished TEDx Speaker and is proficient in Spanish. He is also a licensed loan officer in the State of Colorado.
About Ian Perrex
Mr. Perrex is Co-Founder and Chief Technology Officer of Board. In this role he is responsible for overseeing the company’s underwriting platform, customer experience and automation. Prior to joining Board, Mr. Perrex was the Chief Executive Officer of Oneiros, Inc., a firm he founded in 1994 to provide systems development, research and consultancy services. In this capacity, Mr. Perrex worked with an esteemed group of clients including The Gap, Ancestry.com, Orbitz, Fidelity Investments and Fox Sports, among others. Mr. Perrex is an expert in the field of evolutionary computation and artificial intelligence, as well as engineering design, analysis and manufacturing. He received a Bachelor’s of Science degree in Electrical Engineering from University of Texas in Arlington, Texas and Master’s degree in Computer Science with a specialization in Artificial Intelligence from Stanford University in Palo Alto, CA. Mr. Perrex is fluent in Spanish and conversational in Burmese, Greek, Hindi, Latin, Mandarin and Sanskrit. He is an avid traveler and has visited more than 50 countries. He is also a licensed loan officer in the State of Colorado.
About BoardRE Inc.
BoardRE Inc. (Board), is a mortgage company that seeks to disrupt the mortgage lending market and level the playing field for home buyers by upgrading any offer into an all-cash offer. Board purchases homes for all-cash on behalf of buyers the company has approved for a mortgage. Once the buyer’s loan with Board is ready to close, it sells the home back to the buyer at the exact same price it bought it for. Board is a Y Combinator backed company, with the company founders participating in the esteemed accelerator’s Winter 2019 cohort. The company is venture backed by some of the most notable investors, including Global Founders Capital (GFC), DN Capital, Ilya Kirnos (Founding Partner @ SignalFire), and Silicon Valley’s 1517 Fund, which is backed by Peter Thiel. In addition, Board is advised by former CEOs from Wells Fargo Home Mortgage, Freddie Mac and Priceline.
About Y Combinator
Y Combinator is a startup fund based in Mountain View, CA. In 2005, Y Combinator developed a new model of startup funding. Twice a year they invest a small amount of money in a large number of startups. The startups move to Silicon Valley for 3 months, and the YC partners work closely with each company to get them into the best possible shape and refine their pitch to investors. Each batch culminates in Demo Day, when the startups present their companies to a carefully selected audience of investors. Y Combinator has invested in over 2,000 companies including Airbnb, Dropbox, Stripe, Reddit, Instacart, Docker and Gusto. The combined valuation of YC companies is over $100B.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the company's control.
NMLS number #1621427
Contact: Erin Passan
Managing Partner, Gagnier Communications