Lendai, an Israeli foreign investment company in Miami
Israeli Miami startup Lendai allows foreign investors to easily buy US real estate and just raised $35 million.
Fintech startup Lendai enables foreign borrowers investing in US non-residential real estate the ability to efficiently and quickly access financing and competitive rates using its AI-based underwriting platform.
Tel Aviv and Miami-based Lendai raised $35 million in seed capital and early debt financing, led by Meron Capital and Cardumen Capital, with participation from Discount Capital, Skywell Capital Partners, Mindset Ventures and Viola Credit.
The funding, announced last week, will allow Lendai to expand its reach and help level the playing field for foreign investors looking to invest in U.S. residential real estate. Lendai will also use the seed funding to expand its services to more US states and launch new financing loan programs.
Lendai, founded in 2019 in Tel Aviv, opened a small office in Miami in September 2021 as its US base, with plans to expand.
The startup partners with hundreds of real estate agents, property management companies, loan brokers, marketplaces, developers, lawyers and accountants, and lenders who use Lendai's platform to connect their foreign clients with US financing.
According to Lendai, its fintech platform provides loan pricing transparency for foreign investors in minutes and loan closings can be completed in a third of the time it takes for US lenders.
Furthermore, the platform allows existing homeowners to receive loans based on the current value of their properties and thus expand their portfolio of investment properties.
That allows foreign investors to expand beyond the limits of cash deals and gives them access to the world's largest private debt market, the company said. Foreign investors accounted for $1 trillion in residential property purchases in the US over the last decade.
In the coming months, Lendai plans to offer more loan products, including programs for short-term rentals, which will expand to include Airbnb-specific loans, second homes and vacation properties.
Seed funding will also be used to help enhance Lendai's platform to incorporate a suite of service tools beyond lending that will help borrowers scale their business, become more competitive and help them manage their properties more effectively. .
“With this funding, we will be able to continue to scale rapidly to meet demand,” said Yair Benyamini, co-founder and CEO of Lendai. “The best model for this business is the one where everyone wins.
With our platform, foreign investors can finally pay for American properties, real estate agents and investment organizations open up a new source of income, and one of the most iconic financial instruments is updated for the digital age.”
Benyamini told Refresh Miami that Lendao's team is made up of about 30 people around the world now and about six of them are in Miami. Benyamini is also based in Miami.
Expanding the Miami team is a top priority, Benyamini said. Why Miami? “Florida is the largest market for foreign investors in the US, 23% of the entire US market with South Florida as its epicenter. Everyone, from all over the world, and especially from Latin America, looks to Miami as their main destination abroad.” Source: Refresh Miami.
Miami Daily
Author: Carmen Medina 6:29 pm