The company’s services are now available to agents and brokerages in South Florida who wish to receive their commissions in advance.
Renowned real estate agent Ryan Serhant is bringing a specialty finance company to the South Florida market after it launched earlier this year in New York City.
RLTY Capital announced the expansion on Friday in a press release. Since launching in May, the company claims to have funded “millions” of transactions for agents, brokerages and developers who used the services of the company to get commissions and funding up front.
“RLTY has taken off faster than we ever imagined in the rapidly recovering New York market,” co-founder and CEO Briggs Elwell said in a statement. “We are delighted to offer the South Florida real estate community a service that encourages forward thinking in this growing real estate landscape. ”
The company is betting that the cash flow from its services will be useful to agents in Florida’s fiercely competitive markets. It does this through a commission buying process, not by issuing loans, wrote Victoria Shannon, Serhant’s media contact, in an email.
Agents who go through RLTY Capital apply after receiving a signed purchase contract. The company’s underwriters take a look at it, and then RLTY Capital typically buys up to 80% of the commission.
Once the transaction is closed, RLTY Capital then receives part of the commission.
The company, co-founded by Elwell and General Counsel Daniel Kennedy, operates under the umbrella of Serhant Real Estate Companies. Serhant is a partner and owns shares in RLTY Capital, Shannon said.
“RLTY Capital is a service that allows agents to do what they do best without worrying about funding gaps,” Serhant said in the statement. “As we continue to help the industry modernize with new technology solutions, we are delighted that RLTY is now available in the growing South Florida market. “
Email Daniel Houston