Home Business & Finance Home capital collects 300 million euros

Home capital collects 300 million euros


Low pensions are one reason more people want to sell parts of their homes. The startup Heimkapital offers itself as a buyer – freshly equipped with capital. Benedikt Wenninger, Julia Schabert and Dimitrij Miller (from left) left their well-paid jobs to set up home capital. Benjamin Herchet In countries like the UK and the US, it’s normal to sell parts of your home as a source of income. In Germany, the concept is sometimes foreign to many. The Munich startup Heimkapital therefore conducts offensive marketing, for example through commercials on public television. Because their target group is not on Instagram: The financial product is primarily aimed at people over 60 who need money in addition to their pension. According to information from Finance Forward, Heimkapital has received a capital injection of 300 million euros. The startup does not want to reveal who is behind the investment. Only that the first 100 million euros are to be spent this year. Since the start of business in March 2020, the company has already bought properties in the higher double-digit million range. Read also These are the most important German proptechs Heimkapital was founded in 2019 by Julia Schabert, Dimitrij Miller and Benedikt Wenninger. Schabert and Miller previously worked for Goldman Sachs and Deutsche Bank in the financial metropolis of London. Wenninger worked as an investment manager at the Munich-based growth financier Yabeo, which was one of the first funds to put money into the startup’s real estate business in 2020.

The startup wants to replace bank loans

If, for example, there is not enough money for an outpatient caregiver due to low pensions – or seniors simply want to finance a trip or a new car, they can sell 50 percent of their home to the startup. In return, they are compensated financially either monthly or as part of an immediate payment. In addition, seniors acquire a lifelong right of usufruct to their property. This allows homeowners to continue to live in their own home and use it as they see fit. Through participation, home capital merely becomes a silent partner. If the property owner dies, the heirs have a right of first refusal. You have two options to choose from: either buy back the shares sold from the startup. Or they leave the inheritance to the startup, which in turn sells the house or apartment. Critics complain that seniors get cheaper loans from the bank than with the sale of part of their home. Co-founder Miller tells Finance Forward that only a few of his customers have a bank loan to finance their retirement years. Read also There is no way around proptechs – one trend in particular determines the scene Other startups also rely on a similar business model to home capital. Partial sale providers such as the Hamburg company Wertfaktor are vying for the attention of senior citizens. Christoph Neuhaus and Alexander Ey founded Wertfaktor in 2019. The brokerage company Engel & Völkers also relies on the business model with its subsidiary Liquidhome.

Low pensions, valuable real estate

And another development that could fuel the growth of this market in the coming decades: low pensions. As the FAZ reports, there are a number of pensioner households that have relatively low pension entitlements – but live in expensive property. In view of falling pensions, experts expect that more and more people would have their assets tied up in residential real estate paid out through partial sales.

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