About Catapult

Catapult Homes enables homeowners to purchase a new home before selling their current one by providing a bridge loan that covers the down payment. This allows them to avoid a double mortgage and move on their own timeline.

```xml <problem> Homeowners often face the dilemma of selling their current home before buying a new one, which can lead to temporary housing and added stress. Securing financing for a new home while still carrying a mortgage on the current one can also be challenging and expensive, potentially requiring a second mortgage. </problem> <solution> Catapult Homes simplifies the process of buying and selling a home by enabling homeowners to purchase a new home before selling their existing one. Catapult provides a "First Payment," typically 70-75% of the home's value, which pays off the existing mortgage and covers the down payment on the new home. This allows homeowners to make non-contingent offers and move directly into their new home without the need for temporary housing or a double mortgage. After the homeowner moves, Catapult works with the homeowner's chosen agent to sell the previous home on the open market, and the homeowner receives a "Second Payment" representing the net sale price minus Catapult's initial payment and fee. </solution> <features> - Provides a "First Payment" covering the existing mortgage and down payment on a new home. - Enables homeowners to make strong, non-contingent offers on new homes. - Allows homeowners to move directly into their new home without temporary housing. - Offers flexibility to choose any real estate agent for selling the previous home. - Charges no upfront fees or deposits. - Aligns incentives with homeowners to maximize the sale price of the previous home. </features> <target_audience> Catapult Homes primarily targets homeowners in Northern California and the San Francisco Bay Area looking to buy a new home before selling their current one, particularly those with mortgage balances under 75% of their home's value. </target_audience> <revenue_model> Catapult Homes generates revenue through a fee charged as a percentage of the final sale price of the home, which is only collected after the home is sold on the open market. For select clients, Catapult is free. </revenue_model> ```

What does Catapult do?

Where is Catapult located?

Catapult is based in Melbourne, Australia.

When was Catapult founded?

Catapult was founded in 2006.

How much funding has Catapult raised?

Catapult has raised 5600000.

Location

Melbourne, Australia

Founded

2006

Funding

5600000

Employees

662 employees

Major Investors

Alan Patricof, Novator

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Catapult

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Executive Summary

catapult.homes 50K+

Crunchbase

Founded 2006 – Melbourne, Australia

Funding

Estimated Funding

$5M+

Major Investors

Alan Patricof, Novator

Team (500+)

No team information available.

Company Description

Problem

Homeowners often face the dilemma of selling their current home before buying a new one, which can lead to temporary housing and added stress. Securing financing for a new home while still carrying a mortgage on the current one can also be challenging and expensive, potentially requiring a second mortgage.

Solution

Catapult Homes simplifies the process of buying and selling a home by enabling homeowners to purchase a new home before selling their existing one. Catapult provides a "First Payment," typically 70-75% of the home's value, which pays off the existing mortgage and covers the down payment on the new home. This allows homeowners to make non-contingent offers and move directly into their new home without the need for temporary housing or a double mortgage. After the homeowner moves, Catapult works with the homeowner's chosen agent to sell the previous home on the open market, and the homeowner receives a "Second Payment" representing the net sale price minus Catapult's initial payment and fee.

Features

Provides a "First Payment" covering the existing mortgage and down payment on a new home.

Enables homeowners to make strong, non-contingent offers on new homes.

Allows homeowners to move directly into their new home without temporary housing.

Offers flexibility to choose any real estate agent for selling the previous home.

Charges no upfront fees or deposits.

Aligns incentives with homeowners to maximize the sale price of the previous home.

Target Audience

Catapult Homes primarily targets homeowners in Northern California and the San Francisco Bay Area looking to buy a new home before selling their current one, particularly those with mortgage balances under 75% of their home's value.

Revenue Model

Catapult Homes generates revenue through a fee charged as a percentage of the final sale price of the home, which is only collected after the home is sold on the open market. For select clients, Catapult is free.