TORONTO–(BUSINESS WIRE)–Equity houses, a technology-driven real estate platform, today announced that it has closed a C$1.2 million pre-seed financing to fuel its growth as the company adapts its approach to create an alternative path to home ownership in Canada. The financing round was led by Boardwalk Investment Limited (Kolias Family Office) with the participation of Beta Highline, Conconi Growth Partnersand several angel investors, including Mike Dobbin. Graduate of the Highline Beta Venture Studio program, Ben Yoskovitzfounding partner of Highline Beta, was appointed to the board of directors of Requity Homes.
Requity Homes was founded in 2020 and has been helping families in Northern Ontario since 2021. The company’s rent-to-own program brings Canadians one step closer to homeownership by allowing them to rent and save for their dream home with the option to purchase at a guaranteed price. The Company Will Use the Funding to Accelerate the Development of its Technology-Based Rent-to-Own Platform; to hire in several strategic roles in technology, marketing and operations; and expand to western Canada.
“Requity Homes is an innovative new way to help Canadians reduce barriers to homeownership,” said Sam Kolias, Chairman of Boardwalk Investment Limited and Chief Executive Officer of Boardwalk REIT. “It allows investors to partner with homebuyers, helping to bridge the gap between renting and owning a home.”
Requity Homes is a stepping stone to home ownership for families who are not ready for a mortgage today due to credit history, lack of down payment, or self-employment. Leveraging its robust underwriting technology, Requity Homes can assess the future mortgage capacity of aspiring buyers. For customers who have the financial means to become a homeowner and who may qualify for a mortgage within the next two to three years, Requity Homes will pre-purchase the home of their choice so they can move into the home in as a tenant while working. with Requity Homes to prepare you for a mortgage. When customers are ready, they can redeem the home at a pre-determined price and become a proud owner. The program helps bridge the gap between renting and owning by providing renters with price security and certainty to save for homeownership, while allowing them to enjoy the benefits of living in their dream home today. today and save for their down payment one month at a time.
“As the cost of homeownership has risen, it has become increasingly out of reach for many families,” said Amy Ding, CEO of Requity Homes. “At Requity Homes, we provide an equitable and flexible alternative to homeownership by introducing more innovative financing options to an underserved market.”
Amanda and Brad are Requity Homes’ first customers. They recently launched a new tourism business in Sault Ste Marie. While the business is doing well, it doesn’t have the two-year operating history required by traditional mortgage lenders. “Our biggest hurdle was being a new small business owner, so we weren’t eligible with the big banks to get a mortgage,” Amanda said. “Working with Requity Homes made the most sense for us in our situation as we are now closer to owning our own home than we previously thought.”
About Requity Homes
Requity Homes Inc. is on a mission to create a fair and flexible alternative path to homeownership in Canada by providing a modernized rent-to-own program that allows aspiring buyers to live in their dream home today. today with the possibility of redeeming it. later while saving for their down payment one month at a time. The program is currently available across Northern Ontario (Sudbury, North Bay, Sault Ste. Marie and Thunder Bay) with plans to expand to Western Canada by summer 2022. For more information, visit RequityHomes.com