Financial firm backed by Ryan Serhant expands operations in South Florida

The company’s services are now available to agents and brokerages in South Florida who wish to receive their commissions in advance.

Renowned real estate agent Ryan Serhant is bringing a specialty finance firm to the South Florida market after launching earlier this year in New York.

RLTY Capital announced the expansion Friday in a press release. Since its launch in May, the company claims to have funded “millions” of transactions for agents, brokers and developers who have used the company’s services to secure initial commissions and funding.

“RLTY has taken off faster than we imagined in the recovering New York market,” co-founder and CEO Briggs Elwell said in a statement. “We are excited to provide the South Florida real estate community with a service that encourages forward thinking in this burgeoning real estate landscape.”

The company is betting that the cash flow generated from its services will help agents in Florida’s fiercely competitive markets. It does this through a commission-based buying process, not by providing loans, Serhant’s media contact Victoria Shannon wrote in an email.

Agents who go through RLTY Capital apply after receiving a signed purchase agreement. Company underwriters take a look and then RLTY Capital usually buys up to 80% commission.

Once the transaction is concluded, RLTY Capital then receives part of the commission.

The company, co-founded by Elwell and General Counsel Daniel Kennedy, operates under the Serhant Real Estate Companies umbrella. Serhant is a partner and has a stake in RLTY Capital, Shannon said.

“RLTY Capital is a service that allows agents to do what they do best without worrying about funding shortfalls,” Serhant said in the release. “As we continue to help the industry modernize with new technology solutions, we are thrilled that RLTY is now available in the growing South Florida market.”

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