Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

IPO / M&AProptech

Matterport to go public via SPAC in $3B deal

Startup is the leader in virtual property tour technology

Venture capital-backed real estate technology firm Matterport will merge with a blank-check company and go public in a deal that values the startup at $2.3 billion.

Matterport, a spatial data firm that makes software for virtual property tours, will merge with a special purpose acquisition company (SPAC) led by billionaire investor Alec Gores.

“We believe the proposed transaction with Gores Holdings VI unlocks the potential of our platform and accelerates our mission to make every building and every space more valuable and accessible,” Matterport CEO RJ Pittman said in a statement.

“Our deep industry experience and proven track record have made Matterport the platform of choice to digitize millions of buildings across diverse industries and markets,” Pittman added. “Building on this momentum, we are scaling all aspects of our business to transform the $230 trillion built world.”

The companies will raise roughly $295 million from investors including Tiger Global Management, Senator Investment Group, Dragoneer Investment Group and Fidelity Management & Research Co. and accounts managed by Blackstone Group. The blank-check company Gores VI will also provide Matterport with $345 million in cash it previously raised.

In all, the combined firm will have an equity value of $2.9 billion and an enterprise value of $2.3 billion. The merger and listing is slated for the second quarter of 2021. The company will trade on the NASDAQ under the ticker symbol “MTTR.”


How to gain more listing visibility in a shifting housing market

As real estate professionals strategize on how to do business in 2021’s competitive, fast-paced housing market, they’ll discover the need for better tools to market their listings.

Presented by: Apartments.com

Bloomberg first reported the news.

Matterport, which has raised $114 million in venture-capital money since its founding in 2011, has seen a dramatic rise in usage since the advent of the COVID-19 pandemic. The firm reported a 500% increase in its subscriber base in 2020. It claims to have more than 10 billion square feet of space in its spatial data library across millions of buildings in over 150 countries.

Matterport stockholders will roll all their equity over and the existing management team will remain in charge.

The statement indicates stockholders will hold roughly 75% of the combined company. Matterport had revenue of $85.9 million in 2020, up 87% year over year, according to the statement.

The Matterport deal represents the seventh SPAC merger for Gores, and second real estate-related independent public offering.

Last month, his Gores Group IV merged with United Wholesale Mortgage in a deal that valued the wholesale mortgage lender at $16.1 billion.

Leave a Reply

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

Most Popular Articles

Better.com lays off LOs, secures $750M cash injection

Digital mortgage lender Better.com is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

Dec 01, 2021 By

Latest Articles

What Omicron, bond market and jobs mean for housing

We often have two to three job reports per year that miss estimates badly. However, remember that we have over 10 million job openings.

Dec 03, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please