Rental investment platform Doorvest raises $50 million in debt financing
Doorvest , a modern, frictionless way to own high-yield rental homes entirely online, announced a new $50 million asset backed credit facility with private capital asset manager Pollen Street Capital .
Launched in 2020 and based in San Francisco, Doorvest’s mission is to reduce barriers for average Americans to generate passive income by owning rental properties. It gets to know a customer and their investment goals before identifying and buying a property on their behalf, manages the renovations and places a resident in it, then sells the property back to the customer. Doorvest also acts as the property manager of the home after it was sold to the customer. The Company has expanded geographic footprints in Houston TX, Dallas TX, Atlanta GA, San Antonio, TX, and Oklahoma City, Oklahoma, with a track record of over 200 homes sold and under management.
“We built Doorvest to help unlock home ownership for average Americans and to break down the barriers to people investing in real estate. Our mission is to simplify the real estate investing process so that long-term wealth is easy to access, build and grow. We are thrilled to partner with Pollen Street, and the team’s experience in funding innovative and impactful lending represents a great fit for us.” – Andrew Luong, CEO & Co-Founder of Doorvest.
“We are excited to partner with Doorvest and support a business that has made a tangible impact. Andrew and Justin have built an innovative platform where over 70% of customers get on the property ladder with the help of Doorvest. This new facility aligns with our aim at Pollen Street to focus on investments that have a positive impact.” – Dan Khouri, Partner, Pollen Street Capital.
Bottom Line: Good news for LemonBrew , Obie and Steadily (see why).