Business
The Real Brokerage Inc. Completes Acquisition of LemonBrew Lending
Tech-enabled home loan platform advances Real’s mission to offer a seamless end-to-end home buying experience TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"\nTech-enabled home loan platform advances Real’s mission to offer a seamless end-to-end home buying experience\n\n TORONTO & NEW YORK--(BUSINESS WIRE)--\nThe Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced it has successfully completed its acquisition of LemonBrew Lending Corp. (“LemonBrew Lending”), a tech-enabled home loan platform.\n\nThe acquisition broadens Real’s product portfolio to include mortgage brokerage services and is a critical step in the Company’s mission to offer a seamless end-to-end home buying experience that removes pain points for both agents and their customers. Licensed as a mortgage brokerage in 20 states throughout the U.S., LemonBrew Lending provides the foundation for Real to offer consumers the ability to finance their home purchase with Real, removing the need to work with multiple service providers.\n\n“LemonBrew Lending’s current mortgage capabilities and future lending potential, brings us one step closer to our strategy of providing consumers a frictionless home buying experience,” said Tamir Poleg, Chairman and Chief Executive Officer of The Real Brokerage.\n\n“The LemonBrew Lending team is excited to take the mortgage lending platform we have developed to the next level, and couldn't be happier that we get to do this in partnership with Real's best-in-class technology,” said Samir Dedhia, Chief Executive Officer of LemonBrew Lending.\n\nWith Real’s earlier acquisition of Expetitle, a digital title and settlement company, now operating as Real Title, Real now has added mortgage and title capabilities to its growing brokerage platform in 2022.\n\nSummary of the Acquisition\n\nPursuant to the terms of a share purchase agreement dated September 23, 2022 between the Company, LemonBrew Lending and LemonBrew Technologies Corp. (the “Seller”), the Company acquired 100% of the issued and outstanding equity interests of LemonBrew Lending from the Seller for an aggregate purchase price of $1,250,000 (the “Acquisition”). The purchase price was satisfied by (i) cash in the amount of $800,000 and (ii) the issuance of 351,837 common shares (the “Consideration Shares”) at a deemed issued price of $1.279 per share. The issued price of the Consideration Shares is equal to the product of $450,000 divided by the...