The startup is part of the wave of new online players experimenting with models for the way assets are bought and sold.
Doorvest this week announced an $50m asset-backed credit facility with Pollen Street Capital, a private capital asset manager with $3bn assets under management.
Launched in 2020 and based in San Francisco, Doorvest’s mission is to reduce barriers for average Americans to generate passive income by owning rental properties. Doorvest gets to know a customer and their investment goals before identifying and buying a property on their behalf, manages the renovations and places a resident in it, then sells the property back to the customer.
Doorvest also acts as the property manager of the home after it was sold to the customer. The company operates in the US and has expanded geographic footprints in Houston TX, Dallas TX, Atlanta GA, San Antonio, TX, and Oklahoma City, Oklahoma, with a track record of over 200 homes sold and under management.
Andrew Luong, CEO and co-founder of Doorvest, commented: “Our mission is to simplify the real estate investing process so that long-term wealth is easy to access, build and grow.”
The new facility will support Doorvest in growing its business across the US and expanding its offering into real estate services.
Customers place a fully refundable deposit to join the Doorvest waitlist and then reserve their home. Doorvest buys and renovates the home as well as placing a long-term tenant. Closing happens after this, with Doorvest selling the homes to customers at fair market value and customers receiving rent from day one.