UpEquity is a tech-enabled mortgage company whose Buy with Cash program enables homebuyers to make all-cash offers while still accessing competitive interest rates. The company uses technology to streamline underwriting and closings, reporting an average mortgage close time of 18 days and a Net Promoter Score of 80. UpEquity positions itself among a new class of "Power Buyers" to help average buyers compete with institutional investors. Co-founded by Tim Herman and Louis Wilson, the company has experienced 500% year-over-year revenue growth and has raised $77 million to date. UpEquity says it anticipates originating more than $1 billion in mortgages over the next 12 months. The company is headquartered in Austin and maintains locations around the country. UpEquity operates a cash-pay mortgage service that makes free cash offers for home purchases and then issues loans charging a 2.5% fee so buyers can secure all-cash offers before obtaining a traditional mortgage. Customers make payments directly to UpEquity to pay off the mortgage after closing. The company was founded by Tim Herman and Louis Wilson while at Harvard Business School and later relocated to Austin. UpEquity says it has completed roughly 300 deals to date with only two failures and originated $100 million in mortgages in 2020. It has expanded operations from Texas into Colorado, Florida and California. The company aims to use new funding to develop product features that can cut time-to-close for real estate agents to about 10 days and to align mortgage processes more closely with consumer interests.

Total raised

$75M

Funding rounds

4

Latest round

Series B

Latest activity

Oct 2021