Select Bilt Cardholders Will Be Provided Access To Exclusive Nestment Services As Buying Intent Heats Up
SAN FRANCISCO, Aug. 10, 2023 /PRNewswire-PRWeb/ -- Nestment, the home co-buying platform that streamlines the process for groups of friends and family who want to purchase property together, today announces a partnership with Bilt Rewards, the first-ever loyalty program that allows renters to earn points on rent with no transaction fees and build a path towards homeownership. Designed to meet the growing demand for alternative and accessible paths to buying a home, Nestment has teamed up with Bilt to help aspiring first-time buyers and real estate investors take a step closer to homeownership and build financial security in the process. Through the program, a select group of Bilt cardholders gain access to exclusive services available on Nestment.
The partnership with Nestment and Bilt arrives at a critical time for both brands given the current housing market. With both high demand and low inventory, huge swathes of people continue to rent as they cannot afford to buy a home. Initially designed to serve the first 100 customers to sign up, this Bilt program created overwhelming interest, and Nestment has added over nine hundred new groups around the country that are now in queue to apply their built rewards toward a SHIFT (second home is first time) purchase. A recent survey of Bilt card users noted that teaming up with Nestment would add value to their card member experience by giving them additional resources to help achieve their home owning goals: over sixty percent are interested in buying an investment property before a primary residence and two out of three card holders would consider buying a property with friends.
How the Program Works
Bilt allows its members to earn points through paying rent, and then reports the rental payments to credit bureaus to help build/improve their credit scores. With Nestment, those points can be converted to offset closing costs or a down payment, so every dollar spent on rent contributes to eventual home ownership.
Benefits for Bilt Cardmembers
Each Bilt group receives a dedicated relationship manager, who'll help them through the key steps, from finding the right property and developing a Nestment Brief (a personalized financial analysis form on-staff experts), to setting up a dedicated LLC and bespoke legal documents, and coordinating support from lenders and realtors versed in (and supportive of) co-buying as a group.
"Knowing firsthand the value of home ownership - as an asset and in the sense of security it provides - we designed Nestment to remove the barriers from a broken home buying system designed for an American life that can only exist for a very small fraction of millennials and younger folks," said Niles Lichtenstein, CEO and founder of Nestment. "I hear peers too often thinking they have to choose between starting a family and buying a home, or have to leave the community they love to move somewhere affordable but undesirable. We are breaking these false binaries by creating a new path."
Through its partnership with Bilt, Nestment strengthens its commitment to providing the resources necessary for individuals and groups to harness the power of co-buying and SHIFT (second home is first time) purchasing. The companies join forces to break barriers for those caught inside the age-old "rent vs. buy" dilemma, by helping customers turn rent payments into funds to build toward ownership.
"Given our mission alignment, partnering with Nestment was a natural fit from the get-go, but an early survey showed customer interest beyond what we could have imagined," said Jonathan Lawless, Head of Homeownership at BILT. "Over 60 percent of our members have considered buying an investment property as their first home purchase, and, of those people, 67% of them would consider buying an investment property with friends. By joining forces with Nestment, they will help assist our cardmembers with options for this process, on a number of levels."
Nestment's co-owning platform makes it easy for groups to purchase real estate together. Bilt's unique Renters Rewards program allows members to earn points for paying rent with their credit card. Points can then be redeemed to pay future rent or put toward a mortgage down payment. In addition to Nestment's proprietary ecosystem of partners and expansive educational resources, this partnership grants Bilt customers access to white glove concierge services and additional options on their path to homeownership via co-ownership.
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About Nestment
Nestment, the home co-buying and management platform that makes real estate a reality with your friends, opens the door to homes - and with ownership, wealth - for a new generation. Their co-buying platform makes it easy for groups to purchase real estate together; and a thoughtful partner ecosystem augmented by extensive educational resources support them along the way. Nestment was founded in 2021 by Niles Lichtenstein and Mark DeMitchell. Nestment is backed by leading venture investors including Protofund, IDEA Fund Partners, and mission-aligned funds such as Vamos Ventures, Concrete Rose, and The MBA Fund. Read more about how Nestment is revolutionizing the future of homeownership at https://www.nestment.com/.
About Bilt Rewards
Bilt Rewards, launched by Kairos, is the first-ever loyalty program that allows renters to earn points on rent with no transaction fees and builds a path towards homeownership. Through a partnership with the country's largest owners including AvalonBay Communities, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards enables renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 12 loyalty programs allowing members to travel across over 100 major airlines and hotel partners. Members can also book travel through the Bilt Travel Portal powered by Expedia, book fitness classes at the country's top boutique studios including SoulCycle, Solidcore, Rumble and Y7; shop limited-edition and exclusive collections of art and home decor through the Bilt Collection or purchase items on Amazon.com, redeem for credits towards rent or even apply Bilt points towards a future downpayment. Bilt has also partnered with Mastercard to create the Bilt Mastercard - the first and only credit card that can be used to pay rent and earn points with no transaction fees. For more information, visit BiltRewards.com.
Media Contact
Taylor Gerrells, Nestment, (415)-686-3117, nestment@thekeypr.com
SOURCE Nestment
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