The startup provides a home buyback program that enables homeowners to avoid foreclosure and settle debts without undergoing credit checks or incurring mortgage payments. This service offers an alternative to traditional refinancing methods, helping users improve their credit scores and access funding without the burden of high-interest loans.
Funding
$18M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Homeowners facing financial hardship often struggle to access their home equity due to poor credit scores or insufficient income, leading to potential foreclosure and limited options for debt settlement. Traditional refinancing methods and home equity loans often impose strict approval criteria, high interest rates, and monthly payment obligations that can exacerbate financial strain.
Solution
SKYDAN Equity Partners offers a sale-leaseback program that allows homeowners to access their home equity without credit checks, mortgage payments, or interest charges. SKYDAN purchases the home, and the homeowner leases it back for a mutually agreed-upon term, typically up to two years, with rent deferred until the end of the agreement. At the end of the lease, the homeowner can either repurchase the home at the original purchase price plus deferred rent or sell the property at market value and receive any additional equity. This program provides immediate access to funds, avoids foreclosure, and offers a flexible solution for homeowners needing financial relief.
Target Audience
The primary target audience includes homeowners in financial distress who are facing foreclosure, struggling with debt, or have been denied traditional refinancing options due to bad credit or insufficient income.
Features
- Sale-leaseback agreement providing immediate access to home equity
- No credit checks, mortgage payments, or interest charges
- Lease term up to two years with deferred rent
- Option to repurchase the home at the end of the lease term
- Alternative option to sell the property and receive additional equity
- Expedited process with property visits scheduled within 1-3 days and payments issued in 30 days or less