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Nada
Nada, led by CEO Tore Steen, structures city-specific home equity shares that let investors access residential real estate appreciation without owning...
Nada
Nada operates as a fintech and investment platform designed to unlock the wealth within the U.S. home equity market. Under CEO Tore Steen and Co-Founder John Green, the firm has structured a dual-sided model: homeowners access up to $500,000 via Home Equity Agreements (HEAs) with no monthly payments, and investors gain fractional exposure through Cityfunds, SEC-qualified offerings tied to specific urban residential markets. Live Oak Ventures and Interlock Partners are among the early backers. The firm’s deployment strategy centers on originating HEAs — essentially shared-appreciation agreements where Nada provides a lump sum to a homeowner in exchange for a share of the home's future value upon sale or refinance. On the other side of the book, Nada packages that residential appreciation exposure into Cityfunds, allowing investors to build diversified portfolios of home equity shares across multiple cities. The model covers multiple use cases for homeowners, from debt consolidation to home upgrades, with a minimum FICO threshold of 500. Investor commitments flow through a capital partnership with Medalist Partners, announced in January 2026, which provided $150 million to scale HEA originations. Nada closed a $10 million Series A round in December 2025 (per the firm, December 2025), with proceeds earmarked for scaling its investment platform. The executive team combines fintech operating experience with institutional capital markets knowledge, led by Chief Investment Officer Jesse Stein. The firm is a member of the Coalition for Home Equity Partnership, joining as the fourth originator member in December 2025, signaling an effort to shape industry standards alongside peer platforms. No assets under management figure is publicly reported. Nada’s structure departs from traditional real estate private equity by issuing city-specific securities directly to retail and accredited investors, bypassing the pooled fund model that dominates institutional real assets. The regulatory posture is proactive — Nada emphasizes its status as the first SEC-qualified company to offer city-specific home equity shares — creating a publicly accessible wrapper around an asset class previously available to institutions like Barclays and Nomura.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Dallas
Corporate office
Dallas, TX, United States
Principals
Tore Steen
CEO
John Green
Co-Founder & COO
Jesse Stein
Chief Investment Officer
Sundance Brennan
VP of Revenue
Justin Wang
VP of Capital Markets
Michael McGrail
VP of Product
Sector focus
Frequently asked questions
What is a Home Equity Agreement and how does Nada structure them?
Nada's Home Equity Agreement (HEA) provides homeowners a lump sum of up to $500,000 in exchange for a share of the home's future appreciation. Homeowners face no monthly payments, and Nada realizes its return when the property sells or is refinanced. The structure shares both upside and downside, aligning Nada's outcome with the homeowner's.
How do Cityfunds work for investors?
Cityfunds are SEC-qualified securities that give investors fractional exposure to home equity shares in specific U.S. cities. Instead of buying property directly, an investor owns a portfolio of Home Equity Agreements tied to homes in a target urban market. This provides residential real estate exposure with liquidity and downside sharing built into the agreements.
Who manages investment strategy and capital markets at Nada?
Jesse Stein serves as Chief Investment Officer, overseeing portfolio construction and HEA underwriting. Justin Wang leads capital markets as VP, managing the firm's institutional funding relationships — notably the $150 million partnership with Medalist Partners closed in January 2026. The investment team blends fintech credit structuring with traditional real estate asset management.
What is Nada's relationship with the Coalition for Home Equity Partnership?
Nada joined the Coalition for Home Equity Partnership as the fourth originator member in December 2025 (per EIN Presswire, December 2025). The coalition brings together HEA originators to establish industry standards and advocate for the shared-appreciation product category with regulators and consumer groups.
How does Nada's exit work for an investor who wants liquidity before a home sells?
Cityfunds shares are SEC-qualified, potentially enabling secondary market liquidity depending on the structure of each offering. However, Nada's core return mechanism is tied to natural home sale or refinance events — the firm does not market itself as a liquid trading platform. The holding period is inherently tied to the underlying homeowner's timeline.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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