Mortgage marketplace lender LendingHome announced on Tuesday it surpassed $3 million in loan originations. The milestone news comes just little over eight months after the online lender surpassed $2 billion in loan originations.
Founded in 2013 and began lending in mid-2014, LendingHome states it has the online tools that homebuyers need to put them on the party that seamlessly takes them from pre-approval to contract to closing. Matt Humphrey, co-founder and CEO of LendingHome, shared that LendingHome’s mission is to radically improve every aspect of the mortgage process for customers.
“The solution we provide has profoundly resonated with the fix and flip industry. This segment of the mortgage market recently accounted for almost 7 percent* of all homes sold, and we are proud to be a trusted partner helping fuel that growth.”
The online lender also reported that it funded the purchase of more than 14,000 houses and returned to investors more than $1.6 billion in principal and over $133 million in interest. Humphrey went on to add:
“Banks were never an option; they are too entrenched in 30-year mortgages to create a specialty loan product for property investors. So we seized upon that opportunity and created loans with reliable terms, transparency, and online access. Today flippers don’t need to know someone rich. They just need to visit our website.”