Flyhomes Winds Down Real Estate Brokerage To Sharpen Wholesale Lending Strategy

Flyhomes will shut down its real estate brokerage business by the end of September, transitioning its agents to The Real Brokerage, the company announced Wednesday. 

The Bellevue, Washington-based fintech said it will focus on distributing its buy-before-you-sell products through wholesale channels, enabling borrowers to purchase a new home before selling their current one. The shift reinforces Flyhomes’ third-party distribution model.

“This move completes our shift and focus to wholesale lending and lets us scale Buy Before You Sell through the professionals homebuyers already trust,” said Tushar Garg, co-founder and CEO of Flyhomes. 

The company’s buy-before-you-sell product allows borrowers to exclude their current mortgage payment from debt-to-income ratios, tap home equity for a new down payment and make cash-equivalent, noncontingent offers with as little as 5% down. After moving, they can sell their old home on a normal timeline to seek full market value.

“Nearly two years ago we eliminated our direct-to-consumer mortgage business to avoid channel conflicts with our loan officer partners,” said Adam Hopson, chief operating officer of Flyhomes. “Today we’re doing the same on the brokerage side.”

Active brokerage clients will transition with their agents to The Real Brokerage, although Flyhomes is not disclosing its headcount numbers. Going forward, Flyhomes said it will work with third-party real estate agents.

Since its founding in 2016, Flyhomes has facilitated $7 billion in buy-before-you-sell products and cash offers across 36 states. In 2024, the company launched a wholesale platform that now partners with 30,000 loan officers.

The company has been repositioning in recent months. In July, The Real Brokerage acquired its AI-powered search portal and engineering team to integrate into its Leo for Clients platform.

A month later, Flyhomes closed a $15 million Series D funding round with existing backers, including Andreessen Horowitz, Norwest Venture Partners and Canvas Partners. It also secured a $200 million warehouse line to support more than $1 billion in annual originations.