Quick Information
- Name of Startup: HonestDeed
- Year Founded: 2020
- Website: HonestDeed.com
- Type of company: Fintech App
- HQ Location: Austin, TX
Startup Founders:
Raphael Bennett (CEO/CTO)
Luis Souza (CFO)
Diego Villaseñor (VP of Engineering)
Natalie Labuda (CMO)
Startup one-liner:
Be the bank and Seller Finance your home, car, business, and anything else to anyone and earn the finance charge.
Problem the startup solves:
For many people, a bank is the only thing standing between them and the things they want in life. However, independent contractors, business owners, and other folks, are often underserved and cut out of the marketplace when it comes to buying homes, cars, businesses, and other things that can improve their lives. This is where HonestDeed comes in as a solution that helps people bypass the bank and escape the rent loop. We provide a way for those with strong credit profiles but non-conforming income (like independent contractors) to operate a business, buy the things they need to flourish, and achieve their financial goals without relying on traditional retail banks.
On the flip side, sellers of these assets can earn the finance charge that would normally go to the bank. If they don’t have an immediate need for the windfall of cash, they’d be better off earning the interest on their own sale.
HonestDeed offers the tools, apps, and strategies to enable these two parties to work together seamlessly. We believe that everyone should have the opportunity to achieve their financial goals, and we’re committed to making that happen by creating a platform that helps both buyers and sellers achieve their goals.
Progress and Current Status:
Our app is now available for download on major app stores like Apple and Android!
With our platform, users can discover high probability seller-financed properties, create proposals quickly, negotiate terms, make payments, and even sell future payments to access liquidity. Our services are currently available in 7 metro markets, including Austin, Houston, Miami, and Los Angeles. While our current focus is on seller financing for real estate, our platform will soon enable anyone to sell any kind of asset. We’ve seen everything from patent portfolios, pool installations, solar panel projects, vehicle chargers, automobiles, and much more financed through our app.
What is an Inspiring Story about the Startup?:
HonestDeed came to the rescue of a retiring couple in a time of major concern. We worked closely with their financial advisor to help them seller finance their property to a new owner, allowing them to downsize into a smaller, more manageable home. As a result, they were able to eliminate a burning retirement problem and resolve their retirement gap. This was a win-win situation, as the buyer also benefited from our assistance. Despite struggling to qualify for a mortgage due to being a business owner, we were able to bring the seller and buyer together to establish a partnership that helped them both achieve their desired outcomes. At HonestDeed, we’re committed to making real estate transactions as smooth and stress-free as possible for all parties involved.
What is a Company the Startup Looks Up to, and Why?:
We’re all very inspired by Patagonia. Like them, we believe that offering a high-quality product in demand is only the beginning. It’s equally important to remain true to our values, even when others are watching. Patagonia’s commitment to environmental sustainability, ethical manufacturing, and product durability shows us that we can build a business that not only benefits us but also the world we live in.
But Patagonia’s influence goes beyond just selling outdoor gear. They also care deeply about how we treat each other and strive to leave a better place for those who come after us. This is a mindset that we share. We believe that finance and access to goods can feel inhuman at times, but we see that helping each other can benefit us all.
Patagonia’s activism and dedication to social responsibility show us that it’s possible to use our business platform to make a positive difference in the world. We aspire to follow in their footsteps and build a company that not only provides a high-quality product but also makes a positive impact on the world around us.
The Company in Four Years Will Be…
in four years, out goal is for people who hold assets and those looking to buy them to consider seller finance as a primary option. We hope that these individuals will exhaust all possibilities for seller financing before involving a retail bank. By making seller financing a more widely accepted and accessible alternative, we aim to provide greater financial flexibility and independence for all involved.
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