Finitive, a financial technology platform providing institutional investors with direct access to alternative lending investments, announced today the closing of a $50 million senior secured warehouse credit facility for Bungalow. This transaction was the first of its kind in the co-living sector.
Christopher Johnson, Finitive’s CEO and co-founder, said, “Finitive’s proprietary technology platform accelerated the closing of this novel and complex transaction by connecting Bungalow to an extensive investor network and providing direct access to comprehensive investment memorandums, detailed data rooms and transaction structure documents.”
Bungalow, headquartered in San Francisco, is a new residential real estate platform that delivers an improved rental experience for early career professionals searching for housing in urban markets. Founded in 2017 by Andrew Collins and Justin McCarty, the company is taking on the $650 billion rental market for early career professionals. Bungalow has scaled to hundreds of properties and over 750 residents across seven metro areas including: The Bay Area, Los Angeles, New York, Washington DC, San Diego, Portland and Seattle. Bungalow recently completed a Series A financing round from Khosla Ventures, Atomic VC, Cherubic Ventures, Founders Fund and Wing Ventures.
“Finitive’s unique financing solution enables Bungalow to leverage our assets to quickly scale without equity dilution. We received multiple term sheets in a short period of time, giving us choices in selecting the best partner for our business,” said Andrew Collins, co-founder and CEO of Bungalow.