Opendoor Market Leadership and Valuation
Scalable, efficient financing in place
Committed, non-recourse
asset-backed facilities of $2.4B
(1)
Proven ability to scale
capacity and reduce costs
•
Attractive debt financing
Pro forma equity capital
($M)
~100%
~90%
~80%
Increased advance rate from ~80% to -100%
Decreased interest spread from ~650 to ~250
L+ ~650
Diversified and high quality lender
base with staggered maturities
Note:
Metrics as of June 30, 2020 are preliminary and subject to change
(1) As of June 30, 2020. Debt facilities restricted use for the purchase of homes
$730
$979
$1,709
L+ ~350
$560
Cash (5)
L+~250
2016
2018
2020
(2)
(3)
Opendoor
Adjusted Equity (4)
Expected net
transaction
Pro Forma
Adjusted Equity
Advance rate
Senior debt cost
(2) Advance rate and Senior debt cost as representative. Advance rate represents the combined senior and mezzanine advance on the purchase price of homes at time of acquisition
(3) Interest rates presented are an approximate average, weighted by senior bank committed capacity
(4) Adjusted Equity is a non-GAAP metric. As of June 30 2020, Adjusted Equity was equal to $539M in GAAP equity plus $191M in Convertible Notes and Derivative Liabilities on an as converted basis
(5) Cash includes Unrestricted Cash and Marketable Securities as of June 30, 2020
proceeds
36View entire presentation