FLFlyhomes Financial Model
Fintech Startup Financials (Free Excel Download)
Fully integrated homebuying platform (brokerage + mortgage + closing) that lets buyers win with cash offers and trade-up financing
professionals from Deloitte
Used by professionals from
About this model
Flyhomes is an integrated homebuying platform combining brokerage, mortgage, closing, cash-offer, and trade-up financing services. It helps buyers compete in competitive markets by using short-term financing to make offers with the certainty of cash.
A single home transaction can generate brokerage commission, mortgage-origination, and title or closing revenue. The cash-offer and trade-up products also introduce meaningful balance-sheet exposure while creating a differentiated customer proposition.
The model should begin with home transactions and average purchase price, then apply revenue waterfalls for brokerage, mortgage, and title. Bridge-loan balances, capital turnover, interest income, funding cost, and loss or resale risk need a dedicated schedule rather than being buried in operating revenue.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Flyhomes
flyhomes.com
How to build a detailed financial model for Flyhomes
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Flyhomes model - distilled from its pitch deck and publicly available information.
Product & value proposition
Three integrated pillars:
Fintech products
- Cash Offer: Flyhomes purchases the home with a proprietary short-term bridge loan; buyer closes in as few as 9 days, then replaces with a long-term mortgage
- Trade Up: Buyer receives a Guaranteed Price for their existing home (Flyhomes buys it if unsold within 90 days); buyer can make a cash offer on the new home before selling
Seamless experience
- Horizontally integrated: dedicated Client Advisor + team of experts
- Vertically integrated: brokerage + mortgage + closing under one roof
Tech-driven
- Mobile app for search, tours (including live video tours), underwriting, and agent communication
- Proprietary dataset to build smarter offers
Outcome vs. industry:
- Time to buy: 1 month (Flyhomes) vs. 4.5 months (industry) - 4.5x faster
- Offers to win: 2.2 (Flyhomes) vs. 8.5 (industry) - 4x win rate
- Winning offer price: 97.6% of highest competing offer - "tens of thousands in savings per deal"
Market
- US GTV (TAM): $1.7T
- Existing US homes sold annually: 5M
- Real estate agents: 2M
- 99% of market described as available for disruption
- Structural tailwinds: 3.3M home shortage; low interest rates; 40% of homebuyers are Millennials
- Market competitiveness intensifying: avg. days on market fell from 43 → 21 (2020→2021, -51%); avg. number of offers in Flyhomes markets rose from 3.7 → 5.6 (+51%)
SAM (current 4-region footprint):
- Annual GTV in current markets: $10B
- Revenue opportunity (current markets, at 5% market share): $500M
SOM / share target: 5% future market share in current 4 regions
Revenue model
Deck does not break out fee rates or revenue line items explicitly. Implied revenue streams from the integrated model:
- Buyer's agent commission: earned on each closed transaction (industry standard 2.5–3% of home price; Flyhomes earns this as the buyer's agent)
- Mortgage origination / spread: Flyhomes originates the long-term mortgage that replaces the short-term bridge loan
- Title / closing fees: Flyhomes operates a closing vertical
- Short-term bridge loan interest / fee: proprietary loan product used for the Cash Offer and Trade Up products; duration ~9 days to close, then replaced
- Trade Up Guaranteed Price spread: potential margin if Flyhomes must purchase the seller's existing home
Revenue per transaction is therefore a bundle of multiple fee streams (brokerage + mortgage + title), which the deck frames as eliminating fragmented CAC across parties.
Revenue opportunity target: $500M in current 4-region markets at 5% market share on $10B GTV - implies blended revenue take rate of ~5% of GTV.
Traction & metrics
- NPS: 78 (vs. lower scores for Traditional Agents, Mortgage, and Title)
- ~600 five-star reviews on Zillow, Yelp, and Google
- 10% of US employees were clients before joining
- 36% of customers have made a referral
- Time-to-close: 9 days with proprietary short-term loan
- Offers to win: 2.2 average (vs. 8.5 industry)
- On >50% of 2020 wins, Flyhomes won without the highest offer; avg. 2.4% below highest competing offer, in some cases up to 10% lower
- Deck dated May 2021; market data cited as YTD May 2021
No revenue, GMV/GTV transacted, customer count, or growth rate figures are disclosed in the deck.
Unit economics
- Revenue opportunity per market at 5% share implies ~$500M / $10B GTV = ~5% blended take rate
- CAC: described as declining via flywheel (referrals/repeat lower blended CAC at scale); no dollar figure given
- 50%+ of agents industry-wide found via referral/repeat
Competition / moat
Competitive positioning: 2×2 matrix (buyer-focused vs. seller-focused; customer-centric vs. agent-centric)
- Flyhomes: buyer-focused + customer-centric (sole occupant of that quadrant)
- iBuyers (Opendoor, Offerpad, Zillow): seller-focused + customer-centric
- Traditional brokerages (KW, RE/MAX, Compass, etc.): seller-focused + agent-centric
- Discount brokerages (Redfin, REX, homie, etc.): seller-focused + customer-centric
- Agent liquidity tools (Knock, HomeLight, Homeward, Ribbon): buyer-focused + agent-centric
Stated moats:
- Proprietary dataset → smarter offers (win without the highest bid)
- Vertical integration → single P&L, no fragmented CAC across brokerage/mortgage/title
- Referral flywheel → 36% referral rate; scale reduces paid CAC
- Brand trust ("10% of employees were clients first")
- Network effects from data accumulation
Team & funding ask / use of funds
Team:
- Tushar Garg - CEO / Co-Founder
- Ryan Dibble - COO / Founding Member
- Adam Hopson - Strategy & Growth
- Gaganpreet Luthra - Global Ops
- Mark Lee - General Counsel
- Meredith Han - Product
- Rehan Mohammad - Finance & Biz Ops
- Sam Kasle - Sales
- Tracie Hlavka - Engineering
- Prior employers: Amazon, McKinsey, Microsoft, LendingHome, LendingClub, Blue Nile, Brooks, JPMorgan, Fidelity, LinkedIn, Barclays, Porch, Pluralsight, Expedia
Board:
- Alex Rampell - a16z (TrialPay founder)
- Lisa Wu - Norwest Venture Partners
- Mark Vadon - Blue Nile, Zulily
- Mike Ghaffary - Canvas Ventures (Yelp)
- Stephen Lane - Co-Founder
- Roger Lee - Battery Ventures
Recommended financial model
- Archetype + why: Multi-revenue-stream real estate brokerage / proptech operating model - specifically a GTV-to-revenue waterfall model with embedded fintech product P&Ls. The business has three linked revenue engines (brokerage commission, mortgage origination, title/closing fees) that all flow from a single transaction volume (GTV), plus a balance-sheet-intensive bridge lending book (Cash Offer / Trade Up). A pure SaaS ARR model is wrong; a marketplace GMV model is closer but misses the mortgage and bridge lending. Best framed as: GTV → blended take rate → gross revenue by product line → contribution margin by vertical → consolidated operating P&L, with a separate schedule for the bridge loan book (outstanding balance, duration, cost of funds, interest income/spread).
- Forecast horizon & granularity: 5-year annual (2021–2025), with Year 1–2 in quarterly detail. Monthly is unnecessary given transaction-based (not subscription) revenue and multi-month close cycles.
- Key drivers & assumptions:
- GTV per market - current 4-region TAM = $10B annual GTV; starting penetration rate
- Market share ramp - target 5% in current regions;
- Average home price per market -
- Transactions per year = GTV / avg home price
- Blended revenue take rate - implied ~5% of GTV; broken into: buyer-side commission ~2.5–3%, mortgage origination ~0.5–1%, title/closing ~0.25–0.5%
- Cash Offer / Trade Up product mix - ; drives balance sheet sizing
- Bridge loan book - avg loan duration ~30 days; avg loan = avg home price; cost of funds
- Gross margin by vertical - brokerage; mortgage; title
- CAC (paid) - ; mix: 40% referral (zero cash CAC), 15% online, 21% traditional channels, 11% other, 13% repeat
- Headcount / agent model -
- Market expansion - deck shows 4 current regions;
- NPS / referral rate - 36% referral rate; drives organic CAC reduction [modeled as blended CAC decline]
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 5% market share in current 4 regions by Year 5; blended take rate ~5%; organic referral flywheel keeps blended CAC flat to declining
- Bull: 5% market share achieved in Year 3; 2–3 new metros added in Years 3–4; take rate expands as mortgage penetration deepens; bridge loan book generates incremental spread income
- Bear: Market share ramp slows to 2–3% by Year 5 (competition from iBuyers / Redfin intensifies); rising interest rates compress bridge loan economics and mortgage volume; CAC rises if referral flywheel underperforms; home price correction reduces GTV
- Required sheets / outputs:
- Assumptions - all drivers in one place, color-coded inputs
- Transaction Volume - markets × share × avg price → annual/quarterly GTV and transaction count
- Revenue Waterfall - GTV → commission revenue, mortgage revenue, title revenue, bridge loan interest income; total net revenue
- Bridge Loan Book - avg outstanding balance, cost of funds, net interest spread, capital requirement
- P&L - revenue by line, gross profit by vertical, S&M (CAC × transactions), tech/product opex, G&A, EBITDA
- Unit Economics Summary - revenue per transaction, gross profit per transaction, CAC, LTV proxy (referral-adjusted), payback period
- Scenario toggle - Base / Bull / Bear with sensitivity table (market share % × blended take rate → revenue; and home price × transactions → GTV)
- KPI Dashboard - GTV, transactions, NPS (static), market share %, revenue, gross margin %, EBITDA, cash burn
Frequently asked
Is the Flyhomes financial model free?+
Yes. The Flyhomes model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Flyhomes's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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