Seattle-based alternative financing company FlyHomes has launched a new third-party channel to offer buy-before-you-sell services and other products in cooperation with other lenders and real estate brokerages.  

The channel’s first product, FlyHomes Guaranteed Backup Contract, has already launched, with other services on the way, the company said. They will include “a comprehensive suite of lending solutions for third party originators and their homebuyers, offered through FlyHomes and FlyHomes’ affiliate lender, FlyHomes Mortgage,” the company said in an announcement

The channel will be led by Eric Meadow, who joined Flyhomes in September as the new VP of partnerships following the acquisition of assets from Meadow’s previous company, Illinois-based Home Sale Assured.

FlyHomes said Guaranteed Backup Contract (GBC) lets homeowners buy their next home before selling their current one. It enables the purchase lender to treat the customer’s departing residence as sold, while retaining the freedom to postpone the sale as long as 90 days after buying the new home.

FlyHomes is looking for fresh lines of business while navigating a housing market that has ravaged home lenders and brokerages alike. In June, the company announced its third round of layoffs in a span of less than a year. FlyHomes didn’t disclose the number of positions cut, but at the time of writing, its LinkedIn page listed 391 people, down from 472 in June. In early 2022, FlyHomes told the AIM Group it had 820 workers.

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