Contxto – Any startup that works with the real estate process of iBuying will burn through money quickly. As a result, they’re highly reliant on equity capital or financing to get their projects off the ground.
To that end, proptech Flat.mx recently raised US$25 million in debt financing through Arc Labs.
The money will serve to scale as the startup reviews properties it can buy and re-sell. For the moment, the one-year-old company is working within Mexico City, but hopes to expand to more parts throughout 2021.
Likewise, the startup will be quite busy in the coming weeks as it juggles these plans and its acceptance into Y Combinator’s Summer 2020 Batch.Get weekly exclusive insights, data and analysis on the Latin American tech ecosystem straight to your inbox!First NameJuanYour firstname.lastname@example.orgJoin the club!
iBuying? iDon’t understand
Don’t let the name fool you. iBuying has less to do with Apple and more with the process of buying real estate.
iBuying stands for “instant buying”. Through iBuying platforms, the value of a property can be quickly assessed and owners receive an offer within a relatively short period of time. It’s within this area that Flat.mx operates.
It will buy properties, flip them, and then resell them to earn a profit. Thus speeding up the entire process for all relevant parties.
Evidently, the upside to iBuying is it enables homeowners to sell their property faster. On the downside, they may get less for it than if it was sold on the open market.
In the end, it’s a matter of trade-offs.
Real estate startup Flat.mx
Despite multiple tech advancements, real estate is an industry that’s been slow to catch on. But for the proptech that spelled “business opportunity.”
Correspondingly, the startup launched in 2019 and in September of that year, raised a pre-seed round for US$4.6 million.
“If you wanted to buy a property, it could take nine months or a year to sell your home. We saw a huge opportunity there.”
More recently, Flat.mx also plans to partner with mortgage brokers to give potential buyers financing options. Besides giving buyers a chance to buy the home of their dreams, this strategy can expedite the process for the proptech as well.
more recommended stories
6 things to consider before making your first real estate investment
It is easy for an investor.
How to Become a Real Estate Agent in Times of COVID-19
Want to be a real estate agent?.
La Haus is bringing US tech services to Latin America’s real estate market
The alchemy for a successful startup.
Urban improvement agreement signed by Puerto Morelos and Fonatur
Puerto Morelos, Q.R. — Puerto Morelos.
Global real estate markets are being turned upside down
Offices, hotels, and malls were emptied.
The Different Types of Firewood: A Detailed Guide
Are you trying to learn about.
Andersen Global Realty expands its presence in Mexico
Leader’s League (May 26th, 2020) Andersen.
“El Pinar” one of the most iconic and beautiful homes in Mérida is up for sale
MÉRIDA, May 9, 2020.- “El Pinar”,.
Foreigners are buying real estate in Playa del Carmen in the midst of pandemic
The exchange rate between the Mexican.
Italian architect designs green ‘smart forest city’ for Cancun
Italian architect Stefano Boeri has designed.