Accept.Inc is a Colorado-based loan company. It is trying to reinvent how people buy homes to provide the money upfront to create more cash offers in a very competitive housing market.
Accept.Inc Celebrates First Year in Business and Major Success in December
December marks the end of the first full year of Accept.Inc in business. The company is also celebrating a record run in the metro area. This is because home prices continue to rise as well. Therefore, inventory remains low.
A New Concept in a Mortgage Company
A new type of mortgage company, Accept.Inc, upgrading to any offer to a cash offer. The company uses its own cash to purchase homes. This is on behalf of buyers who they believe will secure a mortgage. CEO Adam Pollack told CBS4 on Wednesday. Pollack likens it to a kind of rich aunt or rich uncle. Buyers get to be cash buyers using our cash.
Accept.Inc’s Origins and Background Exists in a Previous Mortgage History
The company was founded by Pollack along with two other co-founders. This occurred while they were in college. Pollack’s family has a background in the mortgage business in his home of New York. Moreover, he said he didn’t expect to enter the same industry. The company’s goal is to level the playing field. In addition, to increase access to homes as well as the neighborhoods they are located into a wider range of buyers.
“With our product, any buyer who can afford a mortgage is able to now submit a cash offer and compete with other buyers when there are multiple offers,” said Nick Friedman, the COO and a co-founder of the company.
Accept.Inc Creates a Unique Template for its Business
The company can buy the home first. Then sell it to the prospective buyer at the same price. The founders of this model say they keep their interest rates similar to traditional loan companies. Yet their approach can be different. They keep expenses low and with financial backing from venture capitalists in Silicon Valley.
Loan officers at Accept.Inc don’t get paid with commissions. They do not spend as much as on marketing as other companies.