-
Redfin shuts home-flipping business and cuts 13{8ba6a1175a1c659bbdaa9a04b06717769bcea92c0fdf198d429188ebbca09471} of its workforce
CNN Enterprise — Redfin is established to shutter its house-flipping small business and lessen its workforce by 13{8ba6a1175a1c659bbdaa9a04b06717769bcea92c0fdf198d429188ebbca09471}, laying off 862 workforce. About 264 of the position cuts will be instantly related to the shutdown of RedfinNow, the company’s instant buying, or iBuying, business in which it buys a residence as-is, completes minimal improvements and resells the household on the open industry. “Winding down RedfinNow is a strategic conclusion we built in get to emphasis our sources on our main companies in the confront of the increasing charge of cash,” the firm wrote in a submitting with the Securities and Exchange Fee. Redfin and other iBuyers like Zillow, which shut…
-
Redfin will buy Bay Equity Home Loans for $135M in bid to boost mortgage business
(GeekWire Photograph / Nat Levy) Seattle serious estate big Redfin announced that it will pay an approximated $135 million in income and stock to order Bay Equity House Financial loans, a Bay Place-centered home loan loan company that is energetic in 42 states and employs 1,200 persons. The deal really should supply a improve to Redfin’s lending organization. Bay Fairness closed $8.5 billion in financial loans very last year and is virtually 10X the measurement of Redfin Home loan. It has also produced positive internet cash flow each of the past a few many years. Redfin will consolidate its Redfin Mortgage operations underneath Bay Fairness, which will keep its identify…
Devoted to Good Business
