The brokerage also conducts business on the TSX
The US-based Real Brokerage Inc. has announced that it will be acquiring the tech-powered home loan platform LemonBrew Lending, signalling Real’s next step in its plans to continue developing its end-to-end home buying technology.
Real, which also conducts business at the Toronto Stock Exchange under the trading symbol of “REAX”, will be acquiring 100% of the issued and outstanding equity interests of LemonBrew Lending from LemonBrew Technologies Corporation, for an aggregate purchase price of $1.250 million.
The sum will be satisfied by a cash payment and the issuance of common shares. The purchase agreement was dated Sep. 23 between Real, LemonBrew Lending and LemonBrew Technologies Corporation.
LemonBrew Lending’s platform is currently licensed to provide mortgage services across 20 states in the US, including Texas, California, and Florida. LemonBrew Lending is also currently licensed as a lender in certain states, which will provide Real with the option to expand its mortgage platform as it continues with its long-term business strategy.
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As part of the acquisition, LemonBrew Lending CEO Samir Dedhia along with 25 other employees will be joining Real’s team.
“We are excited to be joining forces with The Real Brokerage,” Dedhia said. “Real’s technological vision for the future of integrated home buying is what drew us to the platform. This industry is ripe for disruption, and together we can make a huge impact.”
“LemonBrew Lending will play a meaningful role in achieving our vision to reimagine what home buying can be,” added Tamir Poleg, chairman and CEO at Real. “With LemonBrew Lending’s current mortgage capabilities and future lending potential, we can now layer in another key building block to our consumer-facing strategy and take a significant stride towards developing a frictionless home buying experience.”
The acquisition is expected to close in Q4 2022.
