Marketplace Homes Raises $5 Million in Growth Capital from Finance Michigan Inc.

Marketplace Homes, a property manager for more than 2,500 single-family homes in 28 states and the largest broker of new construction homes in the U.S., has announced a partnership with Detroit-based Finance Michigan Inc. to fund its continued growth and disruption of the real estate industry. 

Marketplace Homes will devote most of the $5 million in new capital toward expanding its exclusive home buyout model. Purchasing a new construction home is frequently a challenge, as the buyer must dispose of the old home. Marketplace Homes’ exclusive buyout model provides cash for the old home in order to facilitate new construction. 

Marketplace Homes also offers a guaranteed lease program for new construction homebuyers who want to lease their old home instead of selling it. Marketplace Homes will guarantee a competitive rent payment every month to make renting a more viable option.

“This is a better way to do real estate,” Marketplace Homes CEO Mike Kalis said. “If we say we will sell your home for a certain price, we mean it. And we don’t just say we’ll get you a certain amount of rent for your home; we literally guarantee it.” 

By relieving homebuyers of their old properties, Marketplace Homes helps its partner builders — a roster that includes DR Horton, Lennar, Taylor Morrison, and more than 20 additional top builders in America — avoid unexpected cancellations that result in billions of dollars in unsold inventory each year.

“Our buyout program and guaranteed lease make purchasing a new construction home a seamless process, and our partner builders are selling more homes because of it,” Kalis added.

Beyond strengthening its home buyout model, Marketplace Homes also plans to increase its tech presence, which currently allows the company to value, market, and sell properties in 28 major U.S. markets….

Read the full article at the Original Source..

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