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Proptech startup Noah has seen a massive spike in homeowners contacting it about releasing equity from their homes as a result of the impact of the novel coronavirus.
The company, which this week rebranded from previous name Patch Homes, said that although it is too early to provide an exact figure, it has seen an increase of around 600% in the past week of homeowners seeking an estimate of their home value.
Noah provides cash payments to homeowners based on a valuation of their house. To try and differentiate from other home equity loan providers, rather than take a fee, the company shares in the upside or downside of future movements in value: If the value of the house goes up, it takes a a slice of the rise, if it goes down, it shares the loss.
The company said that to help those facing financial difficulties because of the coronavirus, it is offering new customers $1K on top of the cash payment it makes based on the value of a home, and is waiving fees on a program where it offers loans for home refurbishments.
“Today, the coronavirus is shutting down entire industries; we are already seeing more homeowners turning to Noah for help,” founder Sahil Gupta said in a release.
The company, which was founded in 2016, raised $5M in a Series A funding round in September, with the funding led by Union Square Ventures, which has also backed Twitter and Etsy.
Noah is available in 20 metro areas across the U.S., including Southern California, the San Francisco Bay Area, Portland, Seattle, Denver, Boulder, Colorado Springs and Salt Lake City.
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