New technology platform with instant pre-qualification allows homeowners to access their largest asset without adding debt
Noah, a modern finance company redefining how homeowners access their home equity, announced it has secured a further $150 million to finance equity sharing contracts for homeowners. The company has experienced rapid growth since securing its Series A funding from Union Square Ventures in 2019. This latest investment signifies the confidence in Noah’s home equity sharing model as it is democratizing homeowners’ access to their most valuable asset – the wealth trapped in their homes.
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“Amid this state of financial uncertainty, we’re encouraged by our latest capital investment as it strengthens our ability to continue to partner with homeowners and help them access immediate funds”
Noah recently rebuilt its technology platform from the ground up to allow homeowners to benefit from faster, simpler pre-qualification to meet their immediate financial needs. By just answering three simple questions – the address of the property, the debt balance on the home, and the homeowner’s credit score – Noah can pre-qualify homeowners for financing in less than two minutes. From there, homeowners who want to move forward with the process can submit their application using Noah’s customer portal which helps the company to gain a holistic view of each individual homeowner. From start to finish, Noah is able to distribute funds in as little as 15 days.
“We see our homeowner partners as more than just a credit score – our model leverages 80 billion data points across more than 60 different variables in order to obtain a holistic understanding of each investment. This approach is a game-changer for investors, as it provides access to a historically stable asset class and a long-term growth opportunity for them to invest in equity instead of debt,” said Rahul Parulekar, Chief Investment Officer. “This latest capital shows our investors’ commitment to helping advance the aspirations of U.S. homeowners.”
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