Real estate management enterprise Bungalow has received a $50m senior secured credit facility from investment platform Finitive.
This credit facility was part of the previously announced $64m funding round, which was also made up of a $14m equity round.
Finitive is a FinTech platform which provides institutional investors with access to alternative lending investments. The platform identifies attractive investments, with a range of deal structures available including, warehouse lines, forward flow and whole loan purchase agreements, term loans, participations, funds, equity and others.
Asset classes available for investing include commercial real estate, residential real estate, student, auto, trade finance, invoice factoring, and SME, among others.
Bungalow provides a real estate platform which helps to connect roommates with rental homes. The company matches roommates, supports the running of the house and maintenance, and provides a streamlined rent and utilities payment service.
The platform, which launched in 2017, is used by 750 residents across The Bay Area, Los Angeles, San Diego, New York and Seattle. Alongside this new round of funding, the company has revealed two new markets available through the platform, Portland and Washington D.C.
The company is expecting to enter 12 major cities by the end of the year, and will move on to international expansion during 2019.
Finitive CEO and co-founder Christopher Johnson said, “Finitive’s proprietary technology platform accelerated the closing of this novel and complex transaction by connecting Bungalow to an extensive investor network and providing direct access to comprehensive investment memorandums, detailed data rooms and transaction structure documents.”
North Capital Private Securities served as the broker-dealer for the deal.
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