ZeroDown Secures $100M To Purchase San Francisco Homes For Its Customers
ZeroDown is a real estate startup that is shaking things up after securing $100 millions in debt financing from Credit Suisse. The company is looking to make owning a home in a pricey market like San Francisco more attainable by removing the need for down payments and a mortgage by simply purchasing their customers' home.
"But it doesn’t give the properties away. Rather, the company buys the house with its own funds, without requiring its customers to put down a down payment or assume a mortgage, then leases the property to the customer for a period of as long as five years," according to HousingWire.
As the customer builds up "purchase credits," they can later choose to use them as a down payment for the home when they are ready to purchase it.
"ZeroDown has received an overwhelmingly positive response during the past few months and has provided San Francisco residents with the means to buy their dream homes," said Scott Lustig, director of capital markets at ZeroDown, according to the report.
"This additional funding from Credit Suisse enables us to accelerate our mission of giving homebuyers greater power and flexibility in the home buying process."
To learn more about ZeroDown and its unique business model, click on the image above.
