Move is a "key building block" in the company's expansion
The Real Brokerage, an international brokerage based in Ontario, Canada, has agreed to buy LemonBrew Lending, a US tech-enabled home loan platform.
Real will pay US$1.25 million to acquire LemonBrew, which operates as a mortgage brokerage in 20 states and is licensed as a lender in some. LemonBrew will receive $800,000 in cash and $450,000 in common shares on the NASDAQ immediately prior to the closing of the acquisition.
Read more: Real estate tech platform LemonBrew eyes nationwide expansion
The deal is said to give Real “the option to expand its mortgage platform” and execute its “strategy of developing a seamless end-to-end home buying experience.” The brokerage currently does business in 44 states and the District of Columbia and two Canadian provinces with over 6,000 agents.
As part of the acquisition, LemonBrew CEO Samir Dedhia and 25 other employees will join the Real team. The deal is expected to close in the fourth quarter once the employment and consulting agreement between Real and certain key officers and employees of LemonBrew, as well as other customary closing conditions, are approved.
“We are excited to be joining forces with The Real Brokerage. Real’s technological vision for the future of integrated home buying is what drew us to the platform,” Dedhia said. “This industry is ripe for disruption, and together we can make a huge impact.”
“I am excited to welcome Samir and the team to Real,” said Tamir Poleg, chairman and CEO of the Real Brokerage. “LemonBrew Lending will play a meaningful role in achieving our vision to reimagine what home buying can be. 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.”
