On Sept. 30, 2020, Properly, Inc. completed its $100 million financing round led by Silicon Valley Bank and i80 Group. The credit facility will allow Properly to purchase homes from its customers, a capital heavy expense and key aspect to the company’s offering. The offering was made through a warehouse facility, where loans are provided to mortgage lenders and borrowers can access the capital when it is needed to purchase a property.
Properly is a Toronto-based, Canadian tech-enabled real estate brokerage seeking to transform the home buying and selling experience as the only service in Canada that helps homeowners to buy before they sell. Properly launched in 2018 with the goal of making real estate customer-centric.
Properly’s wholly owned subsidiary, acting through its sole trustee TSX Trust Company, financed the securitization transaction by closing a $100,000,000 senior secured revolving credit facility (the “Credit Facility”) in its favour. Silicon Valley Bank (the “Agent”) acted as administrative agent for the lenders from time to time party thereto (the “Lenders”).
Properly Operations Inc., an affiliate of Properly’s wholly owned subsidiary, was appointed as the initial servicer to service such properties on its behalf.
Osler, Hoskin & Harcourt LLP advised Properly with a team consisting of
Richard Borins,
Marta Rochkin,
Jasmyn Lee (financial services).
Blake, Cassels & Graydon LLP represented the Agent and the Lenders with a team that included
Alexis Levine,
Michelle Laniel,
Danielle Butler,
Kerri Marks (financial services),
Chris Burr (insolvency),
Jay Geers,
Chris Huband,
Rodney Perkins,
Sue Chen (real estate).
Morrison & Foerster LLP was U.S. counsel to the Agent and the Lenders with a team that included
Victor Liang,
Shahryar Rezaie,
Anthony Tedeschi.