StreamLoan, a tech company that provides a mobile-focused digital mortgage platform, announced this week that it raised $2 million in seed capital to fund its growth.
StreamLoan, which is based in San Francisco, was founded in 2015.
The company offers an end-to-end digital mortgage solution that takes borrowers from point of intent, to purchase, through close.
According to StreamLoan CEO and co-founder Stephen Bulfer, the company’s platform can help lenders go digital quickly.
“Mortgage lenders are acutely aware that they need a digital mortgage solution that is both mobile and web to reach today's borrowers,” Bulfer said.
“Only a few of the largest U.S. mortgage lenders have the resources to create their own in-house platforms,” Bulfer continued. “It’s complicated, time consuming, and too costly for most lenders in this low-margin space to create a platform that satisfies borrower expectations. StreamLoan provides the industry with a white-label digital mortgage solution that can be up and running in less than 30 days.”
What sets StreamLoan apart, according to the company, is its focus on borrower experience. Borrowers using StreamLoan can share some or all of their information with Realtors, lenders, co-borrowers, inspectors, attorneys, appraisers, accountants, title companies, notaries, or insurance agents.
And lenders see significant benefits from using the platform too, Bulfer said.
“Imagine a borrower walking into an open house, being referred to your app by the real estate agent, while being connected to your lending team at the same time, and having the loan application submitted to underwriting before the borrower leaves the house,” Bulfer said.
“Our existing mortgage lenders are already seeing this kind of speed and efficiency through the StreamLoan platform,” Bulfer added. “This doesn’t just allow our lending customers to catch up to their much larger brethren, it actually takes them a number of steps beyond – to where mortgage lending will be 12-18 months from now.”
According to the company, its seed round investors included Acorn Pacific Ventures, Whitespace Capital, Steve Weston, the former CEO of Barclays Mortgage Bank, and Rajiv Krishnarao, the director of finance at Uber.
“StreamLoan simplifies a very complex and often frustrating experience into an elegant workflow,” Derek Chau, partner at Acorn Pacific Ventures, said. “They have created the ability to seamlessly integrate homebuyers, realtors and lenders into a coordinated and well-designed experience.”
Weston said that what drew him to StreamLoan was the technology powering StreamLoan.
“The first thing that caught my attention was the sophistication of the StreamLoan platform and the amazing capability it brought to lenders,” Weston said. “But what made me really excited about investing was how the company brought together Silicon Valley’s best innovation with the deepest possible insider knowledge of the mortgage and real estate industries to deliver a more complete solution, more efficiently, than many rivals.”