Noah | Patch Homes

About Noah | Patch Homes

Noah, operating previously as Patch Homes, was a financial technology company that provided homeowners with an alternative to traditional debt-based methods of accessing home equity. Founded in 2016 by Sahil Gupta and Sundeep Ambati, the San Francisco-based firm offered home equity agreements (HEAs). This model involved Noah providing an upfront, lump-sum cash payment in exchange for a share of the home's future appreciation or depreciation. The business ceased operations in 2023.

The company's service was structured as a partnership, not a loan. This meant homeowners received funds without incurring new monthly payments or interest, a key differentiator from home equity loans or HELOCs. Noah's revenue was generated when the homeowner decided to sell the house, refinance, or buy back the equity at the end of the 10-year contract term. If the home's value increased, Noah shared in the gains; if it decreased, Noah shared in the loss. The company targeted homeowners in select metropolitan areas across states like California, Washington, Oregon, Utah, and Colorado. To qualify, homeowners typically needed a credit score of at least 580 and a minimum of 15% equity in their property.

Cofounder Sundeep Ambati brought a deep real estate background to the venture, with a Master's Degree in Real Estate Policy and experience working for a real estate investment trust (REIT) through its IPO in 2015. This expertise was integral to developing the company's property investment model. Noah's underwriting process was data-intensive, reportedly leveraging 80 billion data points across over 60 variables to assess each investment beyond just a credit score. Throughout its operation, Noah secured significant funding, including a notable $150 million in platform capital in April 2020 to finance its equity-sharing contracts. The company's venture investors included Union Square Ventures, Tribe Capital, Breega Capital, and Techstars Ventures.