• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Better.com acquires UK-based Property Partner ahead of SPAC close

September 9, 2021 by David Barret Leave a Comment

Online mortgage company Better.com has acquired U.K.-based startup Property Partner as it seeks to expand into new markets and offer new product lines. The deal could give Better a way to augment its lending business with the potential to enable fractional ownership of properties in the U.S. and other markets.

Better plans to go public later this year through its planned merger with a special purpose acquisition company (SPAC) in a deal that values it at $7.7 billion. In the meantime the company has been active in the M&A market, acquiring two U.K.-based companies in the lead up to the deal’s close.

In July, Better announced its acquisition of Trussle, a digital mortgage brokerage in the U.K. that was widely seen as its first step to international expansion. But with the purchase of Property Partner, Better could gain technology capabilities to expand its feature set in the U.S. and other markets.

Launched in 2015, Property Partner enables fractional ownership of “buy to let” properties throughout the country. Through its platform, users could invest in individual properties or in a portfolio of properties and earn a portion of the rental income generated by those assets. It also created a resale market, enabling users to sell off their shares to other users.

The startup claims more than 9,000 investors on its property crowdfunding market and £140 million of assets under management. With the Better acquisition, the company expects to be able to expand both its investor base and properties to invest in.

Property Partner sent a message to users late last week to inform them of upcoming changes as a result of the deal. The startup announced it was temporarily pausing trading on the resale market while promoting some of Better’s plans as a result of the deal.

Under the new ownership, Property Partner said it would be able to reduce fees, grow its investor base, and dramatically expand investment opportunities by adding properties in the U.S. and other international locations to its platform.

For Better, the deal adds a new income stream in the short term while enabling the company to completely reimagine homeownership over a longer time horizon. Over the years Better has sought to augment its core mortgage lending business with additional products and services, including real estate agents, title and homeowners insurance, and the ability to make all-cash offers in certain markets in which it operates.

But in an interview with TechCrunch last month, Better CEO Vishal Garg previewed a vision for how fractional ownership could reduce friction and enable more freedom for the home-owning public:

You have a large population in this country that is composed of retirees and they don’t have a current income, so they cannot actually refinance their mortgage and they’re still paying interest at 6%. They’d like to move to a warmer climate. Well, they can’t, it’s gonna cost them 6% to sell their house, then it’s gonna cost them 6% to buy the other house.

Why can’t they set it up so they sell 1% of their house in Connecticut every year and establish an income stream that qualifies them to go get a cheap mortgage and sell that house in Connecticut over a period of time, to someone who wants to live there and buy a piece of property in Florida.

There are all these frictions and it’s honestly just a simple data-matching problem. There’s no reason you need to own 100% of your home. What if we could give you the ability to sell 10% a year or 3% of your home or 2% of your home to people who want to buy a home in your neighborhood and are not ready yet because they’re renting.

For a more detailed overview of Better’s upcoming SPAC and its product plans once it goes public, check out our ExtraCrunch.

Source Link Better.com acquires UK-based Property Partner ahead of SPAC close

David Barret
David Barret

Related posts:

  1. Singapore Exchange launches SPAC rules after easing some proposals
  2. Republican Cheney named as vice chair of U.S. House panel investigating Jan. 6 attack
  3. Point raises $46.5 million for its premium debit card
  4. EU ruling on euro clearing to take months, financial chief says

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • There’s A Very Good Reason Why October 1582 On Your Phone Is Missing 10 Days
  • Skynet-1A: Military Spacecraft Launched 56 Years Ago Has Been Moved By Persons Unknown
  • There’s A Simple Solution To Helping Avoid Erectile Dysfunction (But You’re Not Going To Like It)
  • Interstellar Object 3I/ATLAS May Be 10 Billion Years Old, This Rare Spider Is Half-Female, Half-Male Split Down The Middle, And Much More This Week
  • Why Do Trains Not Have Seatbelts? It’s Probably Not What You Think
  • World’s Driest Hot Desert Just Burst Into A Rare And Fleeting Desert Bloom
  • Theoretical Dark Matter Infernos Could Melt The Earth’s Core, Turning It Liquid
  • North America’s Largest Mammal Once Numbered 60 Million – Then Humans Nearly Drove It To Extinction
  • North America’s Largest Ever Land Animal Was A 21-Meter-Long Titan
  • A Two-Headed Fossil, 50/50 Spider, And World-First Butt Drag
  • Interstellar Comet 3I/ATLAS Is Losing Buckets Of Water Every Second – And It’s Got Cyanide
  • “A Historic Shift”: Renewables Generated More Power Than Coal Globally For First Time
  • The World’s Oldest Known Snake In Captivity Became A Mom At 62 – No Dad Required
  • Biggest Ocean Current On Earth Is Set To Shift, Spelling Huge Changes For Ecosystems
  • Why Are The Continents All Bunched Up On One Side Of The Planet?
  • Why Can’t We Reach Absolute Zero?
  • “We Were Onto Something”: Highest Resolution Radio Arc Shows The Lowest Mass Dark Object Yet
  • How Headsets Made For Cyclists Are Giving Hearing And Hope To Kids With Glue Ear
  • It Was Thought Only One Mammal On Earth Had Iridescent Fur – Turns Out There’s More
  • Knitters, Artists, And Bakers Unite! Creative Hobbies Can Help Your Brain Stay Young
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version