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The US housing market is off the rails. We got an exclusive look at the pitch deck Flyhomes used to raise a fresh $150 million to turn borrowers into more competitive cash buyers.

Published by Business Insider on Thu, 10 Jun 2021


<p><img src="https://static5.businessinsider.com/image/60c094e5fde7960018aace05-2000/Tushar Garg, Flyhomes CEO.jpg" alt="Tushar Garg, Flyhomes CEO" data-mce-source="Flyhomes" data-mce-caption="Tushar Garg, Flyhomes CEO" border="0"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>When buyers will do anything (<a href="https://www.businessinsider.com/homes-selling-for-1-million-over-asking-amid-frenzied-market-2021-6">like pay $1 million over asking price</a>) to secure their dream home, anything that gives them a competitive edge helps.</p><p>Seattle-based Flyhomes, a startup that effectively turns borrowers into cash buyers, has just raised $150 million in fresh funding.</p><p>Flyhomes buys houses on behalf of its clients upfront with cash. Buyers then purchase the house with financing. With demand high, and <a href="https://edition.cnn.com/2021/05/21/homes/existing-home-sales-april-feseries/index.html">21% less homes on the market in 2021 than the year before</a>, sellers have the luxury of opting for all-cash offers.</p><p>With this in mind, Flyhomes says its model makes buyers more competitive in the bidding process, since it effectively turns them into cash buyers.&nbsp; Usually, a buyer's agent takes a small percentage fee from a home's sellers as payment. Flyhomes performs a similar role, so makes money from this commission.&nbsp;</p><p>"We want to become the iconic brand for people buying houses," CEO Tushar Garg said. "Currently the issue in a seller's market is a lack of cash buyers so we solve that liquidity problem and take the experience to the next level for most of our customers."</p><p>Founded in 2016, Flyhomes bought and sold more than $2.5 billion worth of homes to date and currently operates in areas including Oregon, California, and Massachusetts but wants to expand to Texas and other parts of the East Coast soon.&nbsp;</p><p>Flyhomes 's Series C investment round was co-led by Norwest and Battery Ventures, with additional participation from existing investors Andreessen Horowitz and Canvas Partners. The fundraise will go towards Flyhomes business with some debt used to support its homebuying operations.&nbsp;</p><p>"The real estate market is massive but is a space that hasn't seen a lot of disruption," Lisa Wu, partner at Norwest told Insider. "Real estate is in its early innings where there aren't many consumer brands but Flyhomes is already a pioneer and first-mover advantage in this industry."</p><p>Check out Flyhomes' pitch deck below:</p><img src="https://static3.businessinsider.com/image/60c0981bfde7960018aace13-400-300/.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static3.businessinsider.com/image/60c09813fde7960018aace0b-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static5.businessinsider.com/image/60c0981d6b60c70019c29cc3-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static6.businessinsider.com/image/60c09817fde7960018aace0d-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static1.businessinsider.com/image/60c098166b60c70019c29cbd-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static2.businessinsider.com/image/60c09816fde7960018aace0c-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static4.businessinsider.com/image/60c0981b6b60c70019c29cc0-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static2.businessinsider.com/image/60c0981d6b60c70019c29cc2-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static1.businessinsider.com/image/60c0981dfde7960018aace15-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static1.businessinsider.com/image/60c098176b60c70019c29cbe-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static3.businessinsider.com/image/60c098146b60c70019c29cbb-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static4.businessinsider.com/image/60c0981afde7960018aace12-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static2.businessinsider.com/image/60c09819fde7960018aace11-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static1.businessinsider.com/image/60c09818fde7960018aace0f-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static1.businessinsider.com/image/60c09818fde7960018aace0e-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static3.businessinsider.com/image/60c09819fde7960018aace10-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static5.businessinsider.com/image/60c098186b60c70019c29cbf-400-300/flyhomes.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static3.businessinsider.com/image/60c0981bfde7960018aace14-400-300/flyhomes.jpg" alt="" /><br/><br/><img src="https://static1.businessinsider.com/image/60c1cac96d855e001815740c-400-300/.jpg" alt="" /><br/><br/><h3>Flyhomes</h3><img src="https://static6.businessinsider.com/image/60c098146b60c70019c29cbc-400-300/flyhomes.jpg" alt="" /><br/><br/>
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