Part of that money is a “market-rate” rent and about 25% goes toward building up their savings in the house so they can put a down payment (estimated at 10% value of the home) on to purchase from Divvy later.
They move in at closing, and pay one monthly amount. Customers pick out a home and Divvy purchases it on their behalf with the renter contributing an initial 1-2% of the home value. Rather than buy homes and look for renters, the company does the opposite. “So while traditional financing dried up, we saw a really good tailwind for our business.”ĭivvy declined to disclose the valuation at which this round was raised but Hefets said it was “very highly oversubscribed.” Rent to ownĭivvy claims to be different from other real estate tech companies in that it aims to digitize “the archaic, data-heavy processes buyers encounter along the way.” It works with renters who want to become homeowners by buying the home they want and renting it back to them for three years “while the savings needed to own it themselves.” “Mortgages were harder to get yet we were seeing this mad rush of people who wanted to move out of multifamily and downtown areas,” Hefets recalls.
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