NEW YORK, Sept. 6, 2018 -- Finitive (www.finitive.com), a financial technology platform providing institutional investors with direct access to alternative lending investments, announced today the closing of a $50 million senior secured warehouse credit facility for Bungalow (bungalow.com). This transaction was the first of its kind in the co-living sector.
Christopher Johnson, Finitive's CEO and co-founder, said, "Finitive's proprietary technology platform accelerated the closing of this novel and complex transaction by connecting Bungalow to an extensive investor network and providing direct access to comprehensive investment memorandums, detailed data rooms and transaction structure documents."
Bungalow, headquartered in San Francisco, is a new residential real estate platform that delivers an improved rental experience for early career professionals searching for housing in urban markets. Founded in 2017 by Andrew Collins and Justin McCarty, the company is taking on the $650 billion rental market for early career professionals. Bungalow has scaled to hundreds of properties and over 750 residents across seven metro areas including: The Bay Area, Los Angeles, New York, Washington DC, San Diego, Portland and Seattle. Bungalow recently completed a Series A financing round from Khosla Ventures, Atomic VC, Cherubic Ventures, Founders Fund and Wing Ventures.
"Finitive's unique financing solution enables Bungalow to leverage our assets to quickly scale without equity dilution. We received multiple term sheets in a short period of time, giving us choices in selecting the best partner for our business," said Andrew Collins, co-founder and CEO of Bungalow.
North Capital Private Securities was the broker-dealer for the transaction.
Finitive is a financial technology platform providing institutional investors with direct access to alternative lending investments. Through Finitive, institutional investors access a multi-trillion-dollar market that encompasses a broad spectrum of non-bank lending sectors, including specialty finance, online lending, marketplace lending, and private credit funds. Finitive's originator partners gain efficient access to a global network of investors who are actively allocating to alternative lending. All regulated activities are conducted through North Capital Private Securities, a registered broker-dealer and member FINRA/SIPC. For additional information, please visit Finitive's website at www.finitive.com.
About Bungalow Living
Bungalow is a residential real estate platform providing beautiful homes with great roommates, paired with a seamless digital-first experience for early career professionals. The company takes care of everything from matching great roommates and furnishing a home's common areas to streamlining rent and utilities payments and handling service requests, removing friction from the rental experience. In addition, Bungalow helps its residents create a thriving community through exclusive social events and volunteer opportunities. Bungalow is able to offer rooms in the most desirable neighborhoods by working directly with homeowners who are looking for a guaranteed income stream but don't want to sell their homes. This model has helped Bungalow scale to hundreds of homes within a year. Founded in 2017 by Andrew Collins and Justin McCarty, the company currently has more than 750 housemates in hundreds of homes across seven markets. For more information visit bungalow.com.