Samara Launches Proprietary Financing Product to Bring More Space to Millions of Homeowners
June 20 2024 - 1:14PM
Today, Samara Finance, LLC, a wholly-owned subsidiary of Samara,
announced it launched a first-of-its-kind financing product, making
it easier for homeowners to finance Backyard, its accessory
dwelling unit (ADU). Now, Samara uniquely manages the ADU process
from conception to completion, handling everything from product
design and prefab manufacturing, to permitting, delivery and
installation, to financing. The new financing option makes it
possible for homeowners to add flexible space to their homes with
competitive rates. This enables the company to accelerate expansion
and deliver more units in 2024 and beyond.
Born out of Airbnb’s R&D unit, Samara is an independent
company revolutionizing how homeowners can add extra living space
to their homes without costly, stressful and time-intensive
renovations.
Purchasing a high-quality ADU has historically been unrealistic
for many. Homeowners either have to take out a hefty second
mortgage with very high interest rates or make an outright purchase
in full. Samara’s financing product is a new tool that enables
homeowners to add more flexible square footage to their properties,
a decision that is gaining significant traction. Permits for ADUs
in California grew 19x from 2016 to 2023, and more states, like
Colorado, Maine, Vermont and New Jersey, are considering favorable
legislation in response to the housing shortage.
“ADUs are surging in popularity. People are catching on to the
idea that they can adapt their homes to evolve with their lives:
whether an ADU becomes a guest house, a home office, a rental
property—or all those things over time. But frankly, the rapid
growth we have seen will pale in comparison to the opportunity
ahead,” said Joe Gebbia, Samara’s co-founder and co-founder of
Airbnb. “This financing product will be a huge unlock for ADU
adoption at scale. We’re opening up the opportunity for millions of
homeowners in California and beyond to realize the full potential
of their homes. Samara is making ADUs more accessible than ever
before.”
Here’s what makes Samara’s loan program one of a kind:
- A second mortgage with the rates of a first
mortgage: Rates are as low as the market average for a
first mortgage, which is significantly lower than typical second
mortgages. Rates are always fixed.
- No refinancing necessary: There’s no need to
refinance a first mortgage to take advantage of Samara’s financing
program.
- A period with no payments: Customers can enjoy
a period with no payments or interest before installation.
- End-to-end loan coverage: Customers can
finance up to 100% of ADU costs, including the cost of the
dwelling, site preparation and closing costs.
- Flexible terms: Loan terms range between 15 to
30 years.
“We’ve spent the last several years mastering Backyard’s design
and production. Now we’re tackling financing, which has
traditionally been a major challenge for homeowners who want to
build ADUs,” said Mike McNamara, Samara’s co-founder and CEO. “Our
new financing product is going to make it easier than ever for our
customers to add living space to their properties.”
More information about Financing for Backyard can be found on
Samara’s website.
Samara Finance, LLC is licensed by the Department of Financial
Protection and Innovation. Loans made or arranged pursuant to a
California Financing Law license, number 60DBO-188555. NMLS
Consumer Access # 2549049. Loans may be made by a third-party
lender.
About SamaraSamara is on a mission to transform
the way we live, starting with the home. The company’s first
product, Backyard, is a high-quality accessory dwelling unit (ADU)
that easily adds additional living space to your property. Backyard
is designed to be flexible, giving homeowners more room for
whatever they need—be it an in-law suite, home office, or rental
unit. Samara uniquely manages Backyard from concept to completion,
handling everything from product design and manufacturing to
permitting, delivery, installation and financing. Started by CEO
Mike McNamara and Airbnb co-founder Joe Gebbia, Samara is backed by
Airbnb, Thrive Capital, 8VC and other leading investors. The
company’s headquarters and showroom are in Redwood City, CA, and it
owns a manufacturing facility in Mexicali, MX. For more information
visit samara.com.
ContactAddy Bhasinabhasin@launchsquad.com9498121560