HIBT Lab! Landed: Alex Lofton

Welcome to How I Built This Lab. I'm Guy Roz. So there are lots of people who want to buy a home and who can afford to pay the mortgage. The problem. is the down payment. In most cases, You need to have 20% of the purchase price in cash before a bank will lend you the money for the mortgage. Well, this is a huge problem for millions of people, especially people who can't go to mom or dad, or who don't have intergenerational wealth.

And in many of those cases, that means people who are not white. Or people who have solid middle class jobs, like nurses or teachers, or emergency workers and firefighters, many of them can't afford to buy homes in the cities where they work. So Alex Loften, my guest today, is trying to help fix that. In 2015, Alex and two friends launched Landed. It's a company that helps people who do essential work.

Buy homes by helping them with the down payment. In exchange for providing the cash for the down payment, Landed gets an equity stake in the home. And when it eventually sells or the owner refinances the mortgage, Landed's investors get a share of the appreciation.

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