ESSEX VILLAGE, CT / ACCESSWIRE / August 25, 2021 / HALO, the Home Access Lease Opportunity, and Churchill Real Estate announced today a $450m funding facility to expand HALO's SFR2O™ (Single-Family Rent-to-Own) platform across the U.S. The funding round includes new equity from existing HALO investors and new debt from Churchill Real Estate.
"Having spent five years building what has become the most successful residential Rent-to-Own program in the country - as measured by tenant outcomes - we will now be in a position to extend the dream of homeownership to thousands of aspiring buyers who are being left behind by the traditional mortgage process," said David Sandmann, HALO's Founder & Managing Partner. "As new platforms emerge to address the many inefficiencies in the single-family housing market, HALO has focused its attention on access & inclusion in homeownership. Home equity is the leading contributor to generational net worth, and this new funding will allow us to further our deep commitment to educating and empowering more tenants to become homeowners, assuring that the long-term equity in their homes benefits them rather than their landlord," said Sandmann.
"Churchill is proud to be a part of HALO's mission to promote access to homeownership," stated Derrick Land, Managing Partner at Churchill Real Estate. "Churchill is an active provider of financing in the commercial and residential real estate space, with a large and growing presence in the SFR category. HALO's unique, highly successful SFR2O™ model and experienced management team led us to make a meaningful commitment to this strategy; I had worked with Brett Nicholas, co-Managing Partner at HALO, when Brett was President at Redwood Trust, and am looking forward to working with David and Brett in the months and years ahead," Land stated.
HALO is currently active in Atlanta, GA; Phoenix, AZ; Charlotte, NC; Raleigh-Durham, NC; and Nashville, TN, and plans to utilize this new funding to expand into 25 metros by Q1 2022.
About HALO
Since 2016, HALO has helped hundreds of non-qualified mortgage applicants find a path to homeownership. HALO underwrites aspiring buyers based on their future propensity - rather than their current ability - to qualify for a mortgage. HALO clients choose their dream home from the MLS, which HALO purchases on their behalf. Clients then rent their home from HALO while working on a custom mortgage qualification plan, then buy it when they are ready. HALO is 100% focused on tenant outcomes, with an emphasis on active credit guidance and financial literacy, which are proven to promote homeownership: 55% of HALO homes have been sold to their tenants, creating on average $50,000 of home equity for each tenant that has re-purchased their house, making HALO the most successful Rent-to-Own program as measured by tenant outcomes. For more information about HALO, visit our website at www.haloprogram.com.
About Churchill
Churchill Finance ("Churchill") is a real estate investment firm operating since 2014 to capitalize on United States real estate debt, equity, and distressed opportunities. The firm's Principals have over 100 years of combined real estate experience with strong track records of investing and asset managing billions of dollars in US real estate. Churchill was founded to take advantage of bespoke, point-in-time opportunities throughout real estate market cycles with primary focus on downside protection while optimizing risk adjusted return. Churchill's value proposition is centered around the breadth and depth of experience of its management team as well as its development of proprietary technology platforms. For more information about Churchill, visit our website at www.churchillre.com.
Contact HALO:
David Sandmann, Founder & Managing Partner
Phone: 860.227.1111
Email: [email protected]
Contact Churchill Real Estate:
Lisa Hartman - SVP, Head of Investor Relations
Phone: 866-269-4976
Email: [email protected]
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SOURCE: HALO
Source: HALO