You’ve heard of iBuyers, but what about iLenders?

What is an iLender?

In a recent article here on Millionacres, “How To Pay A Home With Cash – Without Having The Money,” we highlighted the start-up Accept.inc, which allows mortgage-eligible buyers to submit an offer in cash on a home.

The news about this fintech mortgage lender is that it has just raised $ 90 million in debt and equity from SignalFire, Y Combinator and DN Capital, which will allow it to both enter new markets outside of Colorado. and to double his team.

Another change is in how this company categorizes itself: Accept.inc now defines itself as an iLender, or tech lender, a whole new category in real estate tech.

How does an iLender work?

The way that Accept.inc works is that, first, buyers are qualified using the Accept.inc platform. They can then buy a house up to the amount for which they were approved. Once they find a home, Accept.inc buys it, closing within three days, then sells the home to the buyer as soon as their mortgage is ready to close, usually within two weeks, for the same. price that Accept.inc paid for it. .

Accept.inc earns money like all mortgage lenders do: through creation and under the mortgage. And this is how this company can do business without charging transaction fees like iBuyers do.

What differentiates an iLender from a traditional lender is its purpose: to help the buyer not only qualify for a home by being approved for a mortgage, but actually earning the home as a cash buyer. .

With a traditional mortgage transaction, sellers and real estate agents are not sure whether the buyer will actually get the loan. But with a cash offer, there are no such concerns.

iLenders level the playing field

In today’s extreme sellers market, sellers generally prefer to sell to a cash-only buyer. There are no financial contingencies or evaluations to deal with that can cripple or kill a deal. However, most homebuyers can’t buy a home using all of their money like investors can.

By being a lender with a vision, Accept.inc can turn regular home buyers into cash buyers who can compete with iBuyers and other types of investors.

Millionacres net profit

Since its inception in 2016, Accept.inc has experienced 1000% demand growth. Co-founder Nick Friedman says of his company: “We don’t just want to level the playing field, we want to create a new standard. Will this new economic model, the iLender, be the future of mortgage lending? As long as cash buyers are king, it could be.


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