Proptech firm Rook Capital announced that it was partnering with brokerage Keller Williams Northern Colorado and FirstBank to provide a shared equity home purchase approach in Colorado.
The concept is that many people can't afford to purchase a house, often because they lack sufficient funds for a down payment. Rook offers an investment partnership in the form of a loan that can run from $50,000 to $350,000, based on home value, creditworthiness, and current equity.
There are no monthly payments to Rook or accruing annual interest. Instead, Rook and its investment partners take an equity share of the home with a lien. The loan—a mortgage—is due in 10 years after signing.
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