Middlegate Funding was started by Ashley Joffe in 2013, and was quickly received by professionals in the real estate industry as well as featured in publications such as the Mann Report. Below is an excerpt from their April 2014 article that shows how the idea for this company came to fruition:
“After performing due diligence, Joffe conceived Middlegate's revolutionary low-cost service. The concept isn't entirely new – the first commission advance firms emerged in the late 1990s – but other firms have prohibitively high fees.
No other company has done it so seamlessly, either. At Middlegate, agents simply apply online for an advance of up to 90% of their commission and then get approved quickly. The funds are in their bank accounts within 24 hours.”
The article goes on to explain the technical details of this business that have helped make them so successful:
“Middlegate Funding further sets itself apart by offering unrivaled transparency and flexibility. All rates are posted on the website, and there are no hidden fees, limits, or credit checks. The firm also provides commission advance for every kind of real estate transaction, from residential leases to commercial investment sales to pre-construction. The goal is to empower agents to take more control over their finances, as they see fit.”