Real estate company Zillow recently took out nearly half a billion dollars in loans to bolster its home-flipping business.
The corporation is widely known for its ubiquitous house listing services, but in 2018 it launched Zillow Offers, an initiative wherein it buys homes from sellers, invests in modest repairs, and then puts it back on the market.
The $450 million mortgage bond deal “will enable Zillow to buy and sell more homes,” Bloomberg reported this week. The company “can recycle capital from the offering for up to two years as it buys and sells homes.”
The company is competing against rival home-flipping competitors Opendoor Technologies and Offerpad.