On Wednesday Better Home and Finance finished their SPAC period and went public this morning with a price of $17.45 per share. The concept is intriguing and the service could have great potential if one reads their public statements via BusinessWire:
Since Better first announced the business combination with Aurora, the company has doubled down on technology to make itself leaner and more efficient while continuing to improve the homeownership process for its customers. In January 2023, Better announced One-Day Mortgage, a revolutionary mortgage product which allows customers to go online, get pre-approved, lock their rate and get a binding mortgage Commitment Letter from Better Mortgage, all within 24 hours. In addition, Better has invested considerable resources into developing Tinman, its proprietary loan origination platform. The platform has served as a focal point for improving Better’s internal efficiency and streamlining the homeownership experience for the company’s customers.
So how did the stock do today?
This might turn out to be a fine company one day. But the market has voted with a 93.4% down day for this IPO and it just could be that everything is getting ready to go up for sale. Let’s hope this is not the case but there are a lot of used car salesman types posing as financial advisers on the Bubblevisions who do not care if the individual loses money; as long as they get their cut.
Keep your head on a swivel folks, it is about to get real after Labor Day.