OfferPad LLC, a technology-enabled direct home buyer and seller, secured $150 million worth of new equity and debt financing.
The Gilbert, Ariz.-headquartered company said in a release that it has now raised a total of $410 million of debt and equity over the last 16 months.
Citing OfferPad co-founder and co-CEO Jerry Coleman, the Phoenix Business Journal reported that the latest closing was led by LL Funds LLC, which is providing $50 million in equity financing and a $100 million extension of existing credit facilities.
The company expects to buy and sell single-family homes worth over $1.5 billion over the next year, based on its current monthly volume.
According to the report, OfferPad will use the funds to buy more homes and add tools and services to further streamline the online process of buying and selling homes.
OfferPad, which operates in Atlanta; Las Vegas; Los Angeles; Phoenix; Salt Lake City; Charlotte, N.C.; and Orlando and Tampa, Fla., is considering expanding its footprint to other markets, the publication added.
