A Gilbert company that buys homes online has received a $260 million investment that will enable it to expand into additional markets.
OfferPad, which already operates in the Phoenix metro area, said the financing represents a combination of debt and equity from private investment funds managed by Philadelphia-based LL Funds LLC.
OfferPad buys homes directly from sellers using an online platform at offerpad.com. For the public, the process is less stressful and less uncertain than the traditional homeselling process, with more convenience and transparency, the company said. OfferPad claims to offer fair and competitive prices to sellers at the click of a button.
OfferPad launched in 2015 and currently counts nearly 100 employees. The company buys and sells homes in areas in and around Phoenix, Las Vegas, Salt Lake City, Tampa and Orlando, with plans to launch in Los Angeles this month and eventually go nationwide.
“We’ve optimized the customer experience without losing the personal touch required when people are putting their largest asset up for sale," co-founder Brian Bair said in a statement. "We want to provide incredible customer service and the best purchase price to give homeowners confidence in our intent to offer a fair alternative to traditional home selling.”
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