Landis property rental startup partners with NAR

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The company, which announced $ 165 million in July through Will Smith’s Dreamers VC and Jay-Z’s Roc Nation subsidiary, will use NAR to reach out to non-qualified buyers.

New York Real Estate Startup Landis cooperates with National Association of Realtors, the company announced.

The company that announced in July that it was raising $ 165 million in Series A funding with Will Smith’s Dreamers VK and To arrive, a subsidiary of Jay-Z’s Roc Nation, will now work with NAR to connect with local agents to help home buying clients who are not eligible for a home. If Landis takes over the client, the agent gets full commission if Landis buys the house.

“Estate agents are at the center of everything we do,” Landis co-founder Cyril Berdugo told Inman. “Every day, real estate agents work with potential home buyers who are trying to get a home but can’t. As a rule, they are refused by mortgage lenders. At this point, the real estate agent stops working with the potential home buyer. But if they send us this potential home buyer, and we buy a property for that client, the real estate agent actually represents us in this deal. ”

Founded by Berdugo and Tom Petit in 2018, Landis works with potential home buyers cannot get a mortgage due to credit, no savings or debt. Once verified, Landis supports buyers who have the potential to obtain a mortgage within one to two years. Landis then buys the house for the prospective buyer and rents it out until they can qualify for the mortgage and buy it.

These tenants are also given access to Landis Instructors to help arrange mortgages.

As of August 12, Landis operates in 47 markets in Alabama, Georgia, Indiana, Kentucky, North Carolina, Maryland, Ohio, South Carolina, Pennsylvania, Tennessee and West Virginia.

Since launch, Landis has provided a total of $ 182 million in debt and equity.

“Landis is an innovative company that also has a social mission that we agree with,” Will Smith said in a statement. “We’re thrilled to be part of a journey that helps Americans acquire home ownership through financial education.”

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