Redfin Completes Acquisition of Bay Equity Home Loans for $137.8 Million
Summary
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — On April 1 Redfin (www.redfin.com) completed its previously announced acquisition of Bay Equity Home Loans (www.bayequityhomeloans.com) for $137.8 million in cash. “As homebuyers struggle with affordability and bidding wars, it’s more important than ever for lenders and brokers to work together on every customer’s offer,” said Redfin CEO Glenn Kelman. Aligning with Redfin recognizes our 14 years of strategic growth nationwide and puts us on a trajectory to become a top 10 lender.” Bay Equity will continue to operate under its own name and current leadership, originating refinance and purchase loans for customers working with Redfin agents as well as customers working with other brokerages. Under the terms of the merger agreement, Redfin has the option of paying a greater percentage of the purchase price, including up to 100%, in cash subject to certain conditions. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services.