Matthew Speakman on what’s driving homebuyer demand

Zillow Economist Speakman explains what Zillow’s recent report on homebuyer demand tell us about the current state of the housing market.

Record low mortgage rates hold steady at 2.72%

This is the second week in a row rates have sat at the lowest recorded level in the survey’s near 50-year history.

What Yellen as Treasury Secretary would mean for housing

Experts weigh in on former Fed Chair’s possible impact on GSE reform and how she could jumpstart the economy.

Building the one-touch digital mortgage

As Katherine Campbell drives toward a one-touch mortgage, she’s taking time to share what she has learned along the way.

Real Estate

Commercial real estate data and analytics provider CrediFi reportedly shutting down

Company had raised $29 million so far

CrediFi, a commercial real estate data and analytics provider that had raised nearly $30 million in funding over the last five years, is reportedly shutting down, according to The Real Deal.

The Real Deal reported this week that CrediFi, which was founded in 2014 and raised $6 million earlier this year, informed its employees that it plans to close down soon.

From The Real Deal report:

The company, led by CEO Ely Razin, had been in talks to sell to firms including Moody’s — which has been ramping up its real-estate data business — but no deal ever went through, according to a senior employee, whose account was later confirmed by sources familiar with the talks. CrediFi had laid off a large chunk of its workforce in June, and also lost the company president, Jeff Hendren.

Reached by phone Tuesday, Razin confirmed that CrediFi “will be ceasing services, but will be servicing its clients for the coming several weeks.”

It’s a fast fall for a company that was adding “top tier clients” just a few months ago. Back in July, the company publicized that its clients included “two of the top three CRE lenders; two of the top three ‘Agency lenders’ (i.e. those working with Freddie Mac and Fannie Mae); and two of the top three “conduit” lenders (i.e. lenders lending into CMBS securitizations).”

But less than six months later, the company is on the verge of shuttering.

Nearly a year ago, the company raised $6 million from a number of investors, bringing its total capital raised to $29 million.

According to the company, the January 2019 funding round was led by Liberty Technology Venture Capital II, and joined by investors Mitsui Fudosan, one of Japan’s leading real estate investors, and Maverick Ventures Israel.

Several of the company’s existing investors also participated in the funding, including Battery VenturesViola Ventures and crowdfunding site OurCrowd.

At the time, the company said that it provides data and analytics backed by a database of over seven million commercial properties, including multifamily, office, retail, hotel, and industrial assets, and tracks $13 trillion in balance sheet and securitized loans.

But according to The Real Deal, the company was unable to find success in a crowded field of commercial real estate data providers.

And now, the company is reportedly set to shut down.

HousingWire attempted to contact CrediFi, but as of publication time, the company had not responded. This article will be updated should the company respond.

Most Popular Articles

Fannie Mae, Freddie Mac conforming loan limits increase for 2021

The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021. The increase is up 7.5% from 2020’s limit of $510,400 and marks the fifth consecutive year of increases.

Nov 24, 2020 By

Latest Articles

Compass eyes IPO in 2021: report

Venture-backed residential brokerage Compass has hired bookrunners ahead of an independent public offering in 2021, according to a new report.

Nov 25, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please