- Backflip Company aims to simplify the real estate loan process for property investors, offering a 3-6 month buy and sell loan option.
- The platform enables investors to navigate, track, compare, and evaluate potential investments, similar to online shopping for apartments.
- Backflip operated in private beta from 2021 to the third quarter of 2022, with annual revenue reaching $10 million and losses reduced to 20%.
Backflip is a company that wants to simplify real estate loan process requirements. Presentation towards the end of 2020, Backflip is a 3-6 months buy and sell loan for property investors.
Backflip’s platform levies finance and tech platforms’ fees, enabling investors to scroll, track, contrast, and evaluate potential investments.
Think of an apartment-hunting process that is as simple as online shopping.
Concerning those estimates, the investment is conducted by the subsidiary of Backflip, Double Backflip, LLC.
In addition, two of its processing staff, ex-employees from Better.com, one of the online mortgage lenders that use technology, caused financial troubles, and it was questioned after the mass firing that they carried out.
The co-founder and CEO Josh Ernst draws attention to the fact that Backflip enables its investors to pick suitable properties, gather all the deals’ information, and analyze them to reach sound decisions.
Backflip was behind the curtain in a private beta for the whole year from 2021 until the third quarter of 2022, when interest rates had already skyrocketed.
The company brought losses down to 20%, earning $10m of the annual revenue with the promise of being on the verge of profitability.
However, the investor network of existing investors comprises Vertical Venture Partners, LiveOak Venture Partners, Revel Partners, ECMC, Crow Holdings, and angel investors who are proud to assist our effort.
The cap table of Brakeflip has 28 million dollars, financed by $67 million in debt financing.
Since backflip clients have been looking through properties worth around $5 billion every month on average since they started using the platform in mid-2022, the business has helped fund the construction of 900 houses.
Homeowners of the houses received an average payment of?. 500% ROI on every build.
Edited By Annette George
