You may have first become familiar with us under another name: Patch Homes.
But as we continue to grow, we've also changed our name. Our team is looking forward to reintroducing ourselves, and sharing recent improvements to our platform to further support our mission.
The word ‘Noah’ is synonymous with journey. And as a company dedicated to partnering with people one-on-one, meeting them wherever they are on their homeownership journey and helping to bring them peace of mind, there seemed to be no better name than Noah.
Since launching in 2016, we've provided homeowners with upfront financing, and in return we share in a percentage of the home's future appreciation or depreciation. Our partnership model is distinctly different from traditional financial services that offer Home Equity Loans or HELOCs. Instead of burdening customers with hidden fees, interest, and demanding monthly payments, our home equity sharing product is based on shared risk between the homeowner and Noah.
As part of this mission, we recognize the extreme financial hardship that many homeowners are facing in today’s environment even as they sit on tens or hundreds of thousands of dollars of home equity. From now until May 1, 2020, we are offering all new customers a $1,000 discount on fees at closing and waiving fees for existing Noah customers who decide to take advantage of our Homeowner Protection Program.
“For too long, homeowners have been forced to sit on their home value while in dire need of cash, because debt financing through a bank or private lender – which are notorious for having strict requirements and lengthy processes for accessing funds – was their only option. Noah wants to change that,” said Sahil Gupta, Founder of Noah. “Today, the Coronavirus is shutting down entire industries; we are already seeing more homeowners turning to Noah for help. Noah is dedicated to being a long-term partner to homeowners by making our products more accessible during this time so we can put even more money in their pockets. Our goal is to empower homeowners so they can meet their current financial demands while navigating a better financial future.”
Along with our rebrand to Noah, we've rebuilt our technology infrastructure from the ground up. Homeowners can easily apply for funding online and benefit from faster, simpler pre-qualification: estimates for financing take less than two minutes, and we're able to distribute funds in as little as 15 days.
We're currently available in 20 metro areas across the U.S. including Southern California, the San Francisco Bay Area, Portland, Seattle, Denver, Boulder, Colorado Springs, and Salt Lake City, and hope to be expanding across the country later this year.