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silisili
I'm currently in late stages with Better, and holy crap is this company on fire (not in a good way).

I've been using them for 3 months exactly, and on my 5th advisor. An advisor is your sole point of contact for the loan... questions, concerns, documents, everything. They don't tell you when the advisor changes, you just notice by chance the little initial emoji of your advisor changed. Realize this means the previous one left, or got fired.

They have no real ticketing. Each worker has a unique and seemingly private email and text...so you start fresh with each one. To the point you don't even want to ask questions, because they'll just fire the person you asked and you'll start fresh again...a week before closing...

The site and flow are slick, that's what drew me in. But the company as a whole is odd and I'd highly recommend not using them.

vmception
wow! Phrasing! Are we still doing phrasing?

Alternate title: CEO personally guarantees company financing

"The CEO believes in his struggling company, although it theoretically means he could have an excuse to sell a bunch of Better.com shares or personally declare bankruptcy, this CEO has 5x as much cash and is probably swimming in less debt than most of the middle class."

HWR_14
Given that the CEO is probably worth nowhere near $750MM absent his founders stock, isn't this just him just leaning into a binary outcome? Either Better.com can pay off the loan in 5 years or it's gone broke by the and he gives up his share in bankruptcy. I mean, it cuts out the "just squeaking by" option as him having to give up all his equity in something that was worth hundreds of millions is a big kick in the teeth, but what are the odds Better.com defaults and the stock is worth anything?
jgalt212
The media was long overdue for an update on Better. When last big in the news for the Zoom layoffs in December, the 10Y note yield was approx 1.5% and now approx 3.0%. 30Y mortgage rates went from 3.1% to 4.98%. Certainly not good for Better, but also not good for any mortgage originator whose revenue structure depends on transaction volume.

https://finance.yahoo.com/quote/%5ETNX/history?p=%5ETNX

https://www.freddiemac.com/pmms/pmms30

nowherebeen
I wonder if Softbank demanded this because of what happened at WeWork?
mkmk
Reminds me of the old saying:

>If you owe the bank $1000, that's your problem. But if you owe the bank $100 million, that's the bank's problem.

b1n
How does better.com make money? what is their business model?

The site says they charge zero commissions & lender fees - does this just apply to the loan recipient? maybe it's just commission from the lenders?

rendall
I don't understand the context. Why is this a big deal? Why would 90% of the employees bail?
sfmike
Is he better ?