Flyhomes partners with Figure to fund Buy Before You Sell loans

Flyhomes announced on Tuesday that it has partnered with Figure Technology Solutions to expand financing for its wholesale lending platform and support up to $2.4 billion in annual Buy Before You Sell volume as adoption grows. The partnership will bring Flyhomes’ short-term bridge loans to Figure’s decentralized warehouse marketplace, Democratized Prime. Eligible loans originated by Flyhomes will flow through the marketplace, connecting the company with institutional and retail capital providers and creating an additional funding channel for its nationwide expansion. Flyhomes’ Buy Before You Sell platform helps homeowners purchase their next home before selling their existing property. Through its wholesale model, the company works with mortgage lenders, brokers and real estate agents, allowing lending partners to remain the originator of record. The Figure partnership provides Flyhomes with a third strategy for financing its loans, said Ryan Dibble, Flyhomes’ CFO and co-founder. The company currently sells some loans to whole-loan investors and finances others on its balance sheet. “It’s a meaningful increase in total volume for us and really means that we’re unconstrained to cont...