- The Real Brokerage ( NASDAQ: REAX ) announced Monday it has signed an agreement to acquire tech-enabled home loan platform - LemonBrew Lending- for $1.25M.
- The purchase consideration includes $800K cash component and the remaining $450K in Real's common shares.
- LemonBrew Lending currently operates as a mortgage brokerage, serving as an intermediary between borrowers and lenders. Additionally, it is licensed as a lender in certain states.
- As part of the acquisition, LemonBrew Lending's CEO Samir Dedhia along with 25 other employees will be joining the team at Real, the report read.
- “With LemonBrew Lending’s current mortgage capabilities and future lending potential, we can now layer in another key building block to our consumer-facing strategy and take a significant stride towards developing a frictionless home buying experience,” commented REAX Chairman and Chief Executive Officer, Tamir Poleg.
- Closing of the transaction is expected in Q4 2022.
For further details see:
Real Brokerage to acquire mortgage broker at $1.25M