Firm's presence in the United States further solidified with new acquisitions
The Real Brokerage, an international real estate firm, has closed its $1.25 million acquisition of home loan platform LemonBrew Lending, thus officially expanding Real’s portfolio to include mortgage brokerage services.
Real acquired 100% of LemonBrew’s equity for $1.25 million, of which $800,000 has been paid in cash and $450,000 in NASDAQ common shares issued at $1.279 apiece.
The deal was first announced in September, with a release explaining that it would allow Real Brokerage to add mortgage offerings to its growing brokerage platform in the US. The company also announced its earlier acquisition of digital title and settlement company Expetitle, which now operates as Real Title. LemonBrew is licensed as a mortgage broker in 20 states.
Real has also entered into certain agreements with LemonBrew’s management and key employees, under which it will provide “performance-based milestone payments” of $2.5 million over the next 36 months.
“The LemonBrew Lending team is excited to take the mortgage lending platform we have developed to the next level and couldn’t be happier that we get to do this in partnership with Real’s best-in-class technology,” said LemonBrew Lending chief executive Samir Dedhia.
“LemonBrew Lending’s current mortgage capabilities and future lending potential bring us one step closer to our strategy of providing consumers a frictionless home buying experience,” said Tamir Poleg, chairman and CEO of The Real Brokerage.
