Introduction

PRIMARQ unites homebuyers and homeowners with investors in a marketplace for the trade of residential real estate equity. We solve today’s housing finance problem with a more affordable, sustainable and less debt-reliant solution for home ownership. Investors access our largest and most secure asset class and Americans regain the opportunity to own their home.

Our vision is to provide an improved model for housing finance that delivers measurable benefit to homebuyers, homeowners, investors and the economy at large.

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Steve Cinelli, CEO

Steve Cinelli, Founder and CEO, has posted a letter to provide an update about PRIMARQ and the steps ahead. Please continue to read his letter below.

steve

A Letter From the CEO

Welcome to the new PRIMARQ website. To be honest, this is a “holding pattern” site as much is happening behind the scenes right now. Our goal is to be able to finally deliver on the vision that was scripted a few years back. Due to a variety of circumstances, we have been delayed in our desire to open our market, and with it, change the housing finance industry. But stay tuned. We are just about there.

This vision was conceived in 2009, as the housing market was going through serious gyrations as were the financial markets in general, leading to new legislation in the form of the Dodd Frank Wall Street Reform and Consumer Protection Act. The Act, like financial regulatory legislation before it, has been an attempt to correct deficiencies, shortcoming and abuses within the US financial system, affecting financial institutions and their customers. In the case of Dodd Frank, the housing finance structure came under scrutiny, as subprime lending and mortgage securitizations paved the way for what became one of the gravest periods of economic dislocation and wealth destruction in US history. Our response was developed not from looking from the “inside out”, but rather assessing the overall construct of housing finance from an outside perspective, conceiving what a housing finance system should be and do – to aid in the pursuit of a core aspect of the American Dream – homeownership – but on a prudent and sustainable basis. Simply, the existing debt-laden orientation needed to be upset, with a better model, and we believe we have it.

The press has run rampant with stories of “the rentership generation”, the ramifications of the student loan overhang, and the growing disparity of wealth. Legislators and bankers seemed stymied in archaic thinking, still promoting a “buy now, pay later” approach to acquiring a home, indenturing many while continuing support of tax breaks for borrowing, and subsidizing the market through quantitative easing, benefiting borrowers not savers. And with all the “help” the housing market seems to receive, might it surprise one that the US ranks 34th globally in the rate of homeownership (at 65%), ranking behind China, Russia, India, Mexico, Brazil, Italy, Canada, Greece, Poland and so many more fragile economies? Maybe it’s time for a systemic change.

This is a formidable task. There are many constituents: homebuyers and owners, lenders and investors, realtors, legislators and regulators, all woven together in a eighty-year old framework. And we are talking “big money”, with a $17 trillion asset class, a $10 trillion mortgage market and an annual financing need of about a trillion dollars. And our conversations have evolved abroad, gaining interest in the European Union, Asia and South America, each and all understanding the importance of homeownership on their respective economies and socio-political landscapes.

So while we are a bit later to the market than anticipated, the desire and need remains acute. Ours is not just about building a billion dollar franchise (certainly, though, that is a goal). This is a mission: to make a difference, to enable and to broaden economic opportunity in a thoughtful, cogent and risk appropriate way. During this pre-launch period, we welcome conversation and discussion, we seek additional partners and partnerships, as we intend to etch an indelible mark on a fundamental part of the US and global economies.

Thank you for your patience and stay tuned.

Steve Cinelli
Founder

Our Team

Steve Cinelli
Founder &
Chief Executive Officer

+1 415.710.2700
stevec@primarq.com

Kenneth Herzberg
Managing Director

Partnerships & Business Development
+1 917.848.7900
kenneth@primarq.com

Richard Zahm
Chief Operating Officer
+1 203.962.5770
richard@primarq.com

John Trail
Chief Technology Officer
+1 570.484.8361
john@primarq.com

LATEST NEWS

16Sep

Wells Fargo: Top Homeowner Misconceptions

Brena Swanson — September 15, 2014 Right now is a good time to buy a home, according to more...

16Sep

2.5 million borrowers face imminent payment shock

Brena Swanson — September 2, 2014 At least 2.5 million borrowers will face an average increase of $250 per...

15Sep

Primarq plans to enable owners or buyers to sell shares in homes

Lew Sichelman – December 15th, 2013 A market-based “fresh approach” to bringing private capital into residential real estate, which...

29Aug

New Credit Score Model Would be Great for Housing! Too Bad it Won’t be Used

Ted Rood — August 29, 2014 FICO, the company that develops proprietary scoring models for credit bureaus and lenders,...

15Aug

The Indentured Future

Steve Cinelli – August 15th, 2013 We have a housing finance system that tacitly dismisses credit principles, providing loans...

24Jul

New approach to shared equity aimed not just at refis, but homebuyers

Teke Wiggin &ndash July 24th, 2013 The optimal solution to start with is to create an equity financing structure...

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San Francisco & New York

+1 415.710.2700 or +1 917.848.7900