Mortgage marketplace lending platform LendingHome has secured $57m in its Series C-2 round, alongside launch of second fund.
The company’s raise saw participation from firms including Sberbank and Noah Holdings Limited. This new line of equity will be used to help the company expand its engineering team and to help develop its digital mortgage platform.
LendingHome is a mortgage platform for borrowers and investors, by offerings policies for purchasing and refinancing. The platform works by a borrower getting the best loan and rates, with the application being approved on the platform before receiving the loan.
Accredited investors are able to sign up to fund mortgages, from as little as $1,000 for an auto investment or $5,000 for a manual commitment.
Alongside the capital raised the company has launched LendingHome Opportunity Fund II, which has received $100m in contributions from over 40 investors. An additional $300m credit facility brings the vehicle’s potential assets to $400m. This fund, which is to be managed by LH Capital Management, will be used to back residential bridge loans, which are originated by LendingHomes.
Sberbank COO Lev Khasis said, “Over the past four years, LendingHome has created a truly modern mortgage company. They innovate at every step, from the first customer interaction to the last servicing payment and everything in between. Sberbank’s decision to participate was immediate and enthusiastic, and I am proud to be a board member of LendingHome.”
This round comes after LendingHome surpassed $100m in lending during the last quarter, and the company is set on an annual run rate of $1bn.
The latest capital brings total equity funded into LendingHome to $166m, with the company nabbing $75m for its Series C in 2015.
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