SEATTLE, July 22, 2020 /PRNewswire/ -- Hatchback Cottages has secured a second round of funding and launched a robust new web application this week to provide Seattle homeowners with a turnkey solution for backyard cottages. The venture-backed company aims to help solve the region's housing affordability problem by increasing the supply of long-term rental units within single-family zoning, which makes up two-thirds of Seattle's land area.
Ron Sher, developer of Crossroads Shopping Center in Bellevue, Washington, and creator of the popular Third Place Books, and Dale Sperling, former CEO of Unico and founder of OneBuild, join former Weyerhaeuser Real Estate CEO Peter Orser on the Board.
Hatchback's end-to-end approach gives homeowners access to commercial real estate analytics to build a tailored financial forecast based on their goals and individual property economics. Homeowners then make informed decisions on which of Hatchback's six custom-designed units to choose from, and what financing to leverage.
"We're helping thousands of homeowners access the hidden value of their existing properties — all while participating in the housing economy," says Hatchback Cottages CEO Shannon Loew. "It's double-bottom-line real estate — increasing rental supply while stabilizing homeowners and communities."
Some 95,000 Seattle homeowners can currently have a cottage on their property under today's code, but the process is difficult — complicated financing, cost overruns, and the complexity of managing construction. Those are barriers to entry for the average homeowner holding a job or raising a family. Hatchback provides a complete solution by helping homeowners understand the economics, aligning financing, and offering an array of tasteful designs to fit Seattle's different neighborhoods. They then handle the entire permitting and construction process.
King County has reported it needs 244,000 units of just affordable units over the next decade to align supply with demand, illustrating the massive supply shortage in the region.
"This is a disruptive solution that will have significant impact on our region's housing supply problem, responding to the new ways we are all thinking about our homes given the current context," states Peter Orser.
"What I love about this business is how easy it makes the process for the homeowner," offers Ron Sher. "In seconds, Hatchback shows them the financial benefits and construction feasibility. And then handles the whole construction process with no aggravation or hassle."
Renting a Hatchback Cottage, the average homeowner can reduce their housing costs by 20% and grow equity 50% faster. And they can choose to put mom or dad in their backyard rather than a senior living facility or host their kids back from college while they navigate an uncertain economy. These are all options that are becoming increasingly important — creating options to keep more families in place by offsetting rising costs.
Hatchback Cottages is an incubation from FIX Impact Development, a 13-year-old real estate design firm that solves place-based challenges with system solutions. For more information, visit hatchbackcottages.com or email [email protected].
Media Contact: Shannon Loew, 617-331-2586, [email protected]
A Seattle backyard cottage by Hatchback Cottages
SOURCE Hatchback Cottages