18-month-old journey startup unlocks new capital to meet growing buyer demandAUSTIN, Texas, Nov. 30, 2022 /PRNewswire/ — Today, Wander.com introduced that it has closed a $100M credit facility with Zürich-based Credit Suisse, a number one international funding financial institution and monetary companies agency. With this capital infusion, Wander will spend money on increasing its community of smart vacation homes from coast-to-coast to greater than double the measurement of their portfolio in the first half of 2023 –– putting Wander properties inside a 3-hour drive of 80% of the U.S. inhabitants.Wander SignTravel Startup Wander Raises $100 Million From Credit Suisse, Jumpstarting New Captive REIT Model For Vacation LeasesThis $100M financing is the first institutional lending facility for the luxurious vacation rental market. David Molotsky, VP of Finance at Wander, mentioned, “Having the help of an establishment like Credit Suisse is a transformational alternative for our enterprise. We’ll be leveraging the capital to dramatically develop our rental choices. As the curiosity in home journey continues to compound, we’re dedicated to assembly the demand in the market by scaling our portfolio of vacation homes to unimaginable new, highly-desired coast-to-coast locations.”The financing was led by Credit Suisse’s award-winning Securitized Products Group, which focuses on asset backed lending and capital markets transactions. Kwaw de Graft-Johnson, a Managing Director in the group, commented, “We have been very impressed with Wander’s progress and execution to date, and their traction speaks volumes about the experience of their crew. We see an infinite alternative set in entrance of the firm, as new client journey behaviors and distant work proceed to speed up the shift from accommodations to vacation leases.”In addition to the $100M facility for enlargement, Wander just lately introduced the launch of Wander Atlas, the business’s first and solely vacation rental REIT. Atlas transforms Wander’s prospects into partial property house owners by enabling them to personal a bit of the inspiring community of homes whereas unlocking the potential to earn excessive yield-passive revenue and diversifying their portfolio. In the first 48 hours after launch, Wander noticed hundreds of thousands funding curiosity. Both the Atlas REIT and $100M credit facility from Credit Suisse allow the 18-month-old firm to scale effectively.Story continuesWander was based in May 2021 with the mission of constructing the journey expertise of the future and serving to folks discover their comfortable place. Wander is uniquely totally different from different firms in the journey area as a result of they management 100% of the homes on the platform, which is important to offering uncompromising prime quality, smart know-how, and a variety of distinctive, inspiring areas for each visitor expertise, with no shock charges when reserving or duties upon checkout.Across 2,000+ nights booked since launching in early 2022, Wander has a 94.6% buyer satisfaction price of their check-out survey amongst prospects, who spotlight “consistency, high quality and wonderful service” as high causes for selecting Wander over conventional journey choices. Through the Wander app, customers can e-book a smart vacation house with inspiring views, trendy workstations, restful beds, hotel-grade cleansing and 24/7 concierge companies to have full house management at their fingertips –– from opening the door, to turning on the lights, adjusting the temperature and accessing a Tesla in the storage.Kyle Tibbitts, Chief Marketing Officer at Wander, mentioned, “We’re seeing a tectonic shift in client conduct the place vacationers are demanding the high quality of a luxurious resort paired with the consolation and area of a vacation house. This foundational monetary infrastructure unlocks a strong flywheel the place invested capital permits us to launch new markets, new markets open up entry to new prospects and these prospects can make investments again into our ecosystem to drive extra progress.”Wander at the moment has properties coast-to-coast in unimaginable areas like Vail, Tahoe, Joshua Tree, Asheville, Hudson Valley and coastal properties in California, Florida, Oregon and South Carolina.About Wander:Wander is a community of smart vacation homes in inspiring locations which you could management from your cellphone. Every Wander comes with inspiring views, trendy workstations, restful beds, hotel-grade cleansing and 24/7 concierge service. It’s a vacation house, however higher. Wander has raised $30M+ in funding from QED Investors, Redpoint Ventures, Authentic Ventures, Susa Ventures, Kevin Durant, Packy McCormick, Sahil Bloom, Todd & Rahul’s Angel Fund and different high angel buyers and operators to construct the journey expertise of the future. Learn extra at wander.com.CONTACT: [email protected] emblem (PRNewsfoto/Wander)CisionView unique content material to obtain multimedia:https://www.prnewswire.com/news-releases/wandercom-to-scale-smart-vacation-homes-across-the-us-with-100m-credit-facility-from-credit-suisse-and-launch-of-atlas-reit-301690502.htmlSOURCE Wander
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Wander.com to scale smart vacation homes across the U.S. with $100M credit facility from Credit Suisse and launch of Atlas REIT
