This message contains important information, including changes to Property Partner’s ownership and fee structure. As a regulated trading exchange and to ensure that all clients have the time to review these announcements, we have paused trading on the Resale Market until 11 AM, 8 September 2021.
In a major advance for our platform and clients, we are thrilled to announce that Property Partner has been acquired by Better. Better is one of the fastest-growing digital-first homeownership companies in the United States, and is on a mission to make home ownership more accessible, convenient, and less expensive for all consumers. Better offers a convenient, digital one-stop-shop for homeowners that includes mortgage, real estate, insurance and appraisal services, and leverages an industry-changing technology platform. Since 2016, Better has funded over $30 billion in home loans and over $7 billion in cumulative insurance coverage. Better expects to become a publicly listed company later in Q4 2021 via SPAC merger at a post-money equity value of approximately $7.7 billion.
Property Partner will leverage Better’s scale and global capabilities. Better is committed to investing in, growing, and enhancing the Property Partner platform for the long-term, bringing the simplicity and ease of fractional property trading to more customers in the United Kingdom and globally.
Under Better’s ownership, we have bold plans:
- Dramatically expand new investment opportunities on the platform, and add US and other international properties for investment and trading
- Improve mortgage financing on our properties to enhance investment returns for all clients
- Reduce client fees: the AUM fee will reduce from 1.2% p.a. to 1.0% p.a. and the monthly account fee of £1 will be completely removed from 1 October 2021
- Grow our investor base and increase trading volume
- Improve market operations, market liquidity, and efficient share pricing
- Offer fee rebates for our most active traders beginning 1 September 2021 (details here)
In looking toward our future, Vishal Garg, Better’s founder and CEO, shares, “To all Property Partner clients, welcome to Better! Property Partner is the future of residential real estate. Combining Property Partner’s unique residential property investment platform with Better’s arsenal of homeownership products and services, changes the game for the future of real estate investment. We’re turning residential real estate into a liquid asset class and changing how families can grow their wealth. Together, we will lower costs, improve convenience, and deliver huge value to all real estate market participants.”
Better has a demonstrated record of innovation and grand plans for the future of homeownership. We at Property Partner are delighted to be joining that mission.
Ultimately, this important development would not have been possible without the support of our clients. Thank you to all of you.
Warren Bath
CEO
ABOUT BETTER: Founded in 2016, Better is a digital-first homeownership company whose services included mortgage, real estate, title, and homeowners insurance. From its founding in 2016 through 2020, Better funded $30.9B in home loans and provided over $7B in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better. Better has raised over $400M in equity capital since inception. The company was ranked #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, as well as being listed to Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.
Along with Property Partner, Better recently announced its acquisition of Trussle, the UK’s most innovative online mortgage broker.