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UpEquity raises $25M in Series A round

Tech startup makes all-cash offers on homes, then receives mortgage payment from borrower

Austin-based mortgage tech platform UpEquity raised $25 million in a Series A funding round led by Next Coast Ventures.

The funding consists of $7.5 million in equity financing and $17.5 million in venture debt, UpEquity said in a statement.

The funding will go toward product development and business development with real estate agents to reduce their time-to-close to 10 days, significantly higher than the industry average.

UpEquity essentially makes free cash offers but charges interest – currently 2.5% – on the loans it provides to homeowners, who can make an offer on a house without having to go through a bank to get a mortgage. Homeowners then make monthly payments directly to UpEquity to pay off the mortgage on the home.

The tech startup says its method is a way to “democratize” the homebuilding process, especially for first-time homebuyers. Sellers are more likely to accept cash offers, which UpEquity claims translates into up to 4% savings for the all-cash buyer.


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“Our goal is to finally align the mortgage industry with consumer interests,” Herman said in a statement. “This funding is validation that consumers, real estate agents and venture investors understand the power of removing friction from the home-buying process, not only for personal advancement, but to attain the American Dream.”

The company uses uses automated underwriting technology to process the loan.

If a purchaser doesn’t buy the home, then UpEquity owns the house. UpEquity CEO Tim Herman told TechCrunch that only two of the 300 deals the company has done have failed.

The company claims it originated $100 million in mortgages in 2020. According to NMLS data, UpEquity has eight mortgage loan originators working at the company. Dani Hernandez is head of mortgages at the Austin-based startup.

The company is currently originating loans in Texas, Colorado, Florida and California. It plans to expand into new markets this year.

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