RetroRate Announces Funding Round and Public Release

What’s next for the company after a $2.2M seed round

I’ve been dying to tell you all year, but this morning HousingWire broke the news that RetroRate raised a $2.2M seed round, led by Swift Ventures, with participation by Eniac, Cooley Ventures, Keshif Ventures, Interlock Capital, Launch Factory and Arkus Nexus.

We’re also releasing the RetroRate assumable loan platform in 10 states as we aim to shine a light on this fantastic financing option for real estate professionals and the homebuyers and sellers they represent.

What’s the Problem?

Back in March, we highlighted just how challenging the real estate market was for buyers, sellers and their agents. Mortgage rates are around 7% — the highest they’ve been in a generation, and this has the entire market locked up. It doesn’t look like it’s getting better anytime soon.

Buyers have lost hundreds of thousands in purchase power.

Sellers are locked into monthly payments that are $1,500/mo lower than if they bought the same house today.

Real Estate Pros like agents, brokers, and others are suffering with one of the worst markets by volume since the early 80s.

The RetroRate Assumable Loan Platform

Our plan with the fundraise is to continue expansion of our assumable loan platform. We want assumable loans to be just another financing type — you can get a new 30yr fixed, a 5/1 ARM, or assume the loan — it’s just another loan scenario, albeit one in with tremendous benefits to buyers and sellers alike.

Assumable loans should be everywhere you’re already at, and we strongly believe Real Estate Agents and other real estate pros are key. The biggest competition RetroRate has in the space are standard 30yr fixed loans, largely because agents and their clients don’t even know that assumable loans exist. Every time a new loan is originated when an old loan could have been assumed is just a huge missed opportunity.

That’s why we’re giving away logins to our platform free of charge to agents and other real estate professionals.

Agent Focused Tools

Real estate pros have access to our comprehensive and proprietary assumable loan database and agent-focused search tools. Our RetroMatch™ scoring system uses AI to always show you the best assumable loans at-a-glance so you don’t have to dig into the details.

Widgets & APIs

Agents can drop white-labeled widgets onto their IDX powered websites so that consumers can see which homes have assumable loans — right from their own sites. No code required.

For agent teams and brokerages with a little more technical horsepower, they can integrate directly with our API, and surface assumable listings and real time rate comparisons within their own interface.

Seller Tools

RetroRate provides pricing and marketing tools to help better price and promote assumable listings once they have them. Stop talking about granite countertops, and start talking about the loan that comes with the home.

Thank you

It’s been a big year, and I’d like to thank our investors, advisors, customers, and of course, our engineering team in getting us to this important milestone. In particular, a big thanks to Tom, Isabel, Bo, and Greg for burning the midnight oil to make it happen.

Now the real fun begins.