Doorvest and Pollen Street Capital Sign $50 Million Asset Backed Facility
Asset backed facility will support Doorvest consumers to own rental property and generate passive income
Doorvest – a modern, frictionless way to own high-yield rental homes entirely online – announced today a new $50 million asset backed credit facility with Pollen Street Capital, a fast growing, purpose led and high performing private capital asset manager.
Launched in 2020 and based in San Francisco, Doorvest’s mission is to reduce barriers for average Americans to generate passive income by owning rental properties. Doorvest gets to know a customer and their investment goals before identifying and buying a property on their behalf, manages the renovations and places a resident in it, then sells the property back to the customer. Doorvest also acts as the property manager of the home after it was sold to the customer. The Company has expanded geographic footprints in Houston TX, Dallas TX, Atlanta GA, San Antonio, TX, and Oklahoma City, Oklahoma, with a track record of over 200 homes sold and under management.
Andrew Luong, CEO & Co-Founder of Doorvest commented: “We built Doorvest to help unlock home ownership for average Americans and to break down the barriers to people investing in real estate. Our mission is to simplify the real estate investing process so that long-term wealth is easy to access, build and grow. We are thrilled to partner with Pollen Street, and the team’s experience in funding innovative and impactful lending represents a great fit for us.”
Andrew and Co-Founder Justin Kasad established Doorvest after experiencing the challenges firsthand of buying and operating rental properties to build passive income. The new facility will support Doorvest in growing its business across the US and expanding its offering into real estate services.
“We are excited to partner with Doorvest and support a business that has made a tangible impact. Andrew and Justin have built an innovative platform where over 70% of customers get on the property ladder with the help of Doorvest. This new facility aligns with our aim at Pollen Street to focus on investments that have a positive impact.” said Dan Khouri, Partner, Pollen Street Capital.
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