It took mortgage marketplace lender LendingHome 30 months to close its first billion dollars in business.
Brace yourself, then. It only took LendingHome 12 months to close its next billion in mortgages.
LendingHome announced it crossed the major milestone of financing more than 10,000 homes nationwide.
Impressive yes, but not surprising, and here’s why.
“Based on these numbers and our fast acceleration, we can confidently say we’ve identified a very real problem for home buyers in the U.S., and our solution is resonating with them,” said Matt Humphrey, co-founder and CEO of LendingHome, who was recently named a HousingWire 2017 Vanguard award winner.
HousingWire Vanguard winners are picked for their edge and risk appetite and Humphrey proved his worthiness to be on that list with today’s announcement.
“We built – from scratch – a high-tech way for customers to get a mortgage, and internally we’ve gotten far more efficient every single quarter,” Humphrey continued. “That means our customers get a simple, fast, 100% online experience. By comparison, traditional lenders are still asking customers for paper applications and to visit physical branches. So LendingHome clearly presents a preferable, credible alternative.”
In October, LendingHome announced a $57 million Series C-2 funding round, bringing the company's total equity raise to $166 million. The company said it plans to use the money to "extend its market leadership by investing in technology and adding key personnel to its 300-person team."
By the end of 2017, LendingHome will have almost doubled in size since 2015.