Interesting Home Equity Finance- Noah.co (formerly Patch Homes)

[Derrick StClair]

Interested to see what you guys think about a company that is trying to bring a new financing vehicle to homeowners. 

Company: www.Noah.co (formerly Patch Homes) 

After further research I noticed a few other companies with a similar business model: https://point.com/ & https://www.unison.com/

Their Claims:

• • Access up to $350k of home equity
• • NO MONTHLY PAYMENTS, NO INTEREST
• • Up to 10 Year Terms

How They Make Money:

• • They get a 30% profit share of your home appreciation (or depreciation)

Available In Certain States/Cities:

• • California, Colorado, Utah, Washington, Oregon

My personal feedback/thoughts: Seems like a very interesting business model (for them). Not so sure about it's usefulness in the REI community. Especially seeing as it's only available in high appreciation markets you would likely be paying much more than a traditional HELOC or refi.

Thought I'd share in case any of you guys have brilliant ideas on how this could be leveraged.