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Former Anywhere Real Estate and ERA executive Simon Chen is the new president and CEO of residential bridge loan mortgage provider Arrival Home Loans, the company announced Wednesday.
Launched last year, San Francisco-based Arrival claims to have created a “new category of mortgage,” letting homeowners tap their equity to obtain bridge loans that allow them to submit a “cash equivalent offer” on their next home. Arrival claims to be a quicker solution than conventional power buyer services and allows buyers to choose their own real estate agents and mortgage lenders for their permanent financing.
Chen, who took over as Arrival’s CEO on Monday, was previously a managing partner at startup advisory firm August Hill.
He’s also held executive roles at Anywhere, where he served as executive vice president of product and innovation until July 2022; Anywhere subsidiary ERA Franchise Systems, where his roles included chief operating officer (COO) and president; Realty ONE Group, where he was COO; and Realtor.com operator Move Inc., where he was in charge of corporate development and strategy.
Arrival’s parent company Pacific Private Money Inc. offers private money real estate investments and loans and claims to have funded over $2 billion in alternative mortgages in California.
Arrival is currently operating in California and Arizona, with plans to launch in Colorado, Florida, Idaho, Illinois, Michigan, Oregon, Virginia, Washington, West Virginia and Washington, D.C.
“We’re confident that Simon can guide Arrival through its next phase of growth and beyond,” said Pacific Private Money COO and board member Nam Phan in a statement. “I can think of no one better than Simon to lead Arrival.”
Competitors include power buyer Knock, which announced in January that it would work with local lenders to pair the company’s Home Swap Equity Advance with the purchase mortgage of the borrower’s choice, and zavvie, which provides contingency-free (cash offer) financing and a buy-before-you-sell bridge loan.
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