Housing Wire has learned that Cleveland-based Deep Green Financial Inc., an online home equity lender, has shut its doors. The company was founded in 2000 and originated more than $5 billion in home equity line facilities to more than 65,000 customers in 47 states. In 2004, DeepGreen received the Inman Innovator Award in the Mortgage Technology category, recognizing the company for its technology platform. The company provided consumer direct lending services through its website and through partners such as LendingTree, Priceline and Costco.
In 2004, DeepGreen was acquired by Lightyear Capital, a private equity investment firm based in New York City that invests in financial services businesses and other selected industries. The firm manages $2 billion in assets, including The Lightyear Fund, a $750-million private equity fund. Neither Deep Green nor Lightyear representatives were available for comment.