|By Marketwired .||
|October 19, 2016 08:30 PM EDT|
SAN FRANCISCO, CA -- (Marketwired) -- 10/19/16 -- LendingHome, the largest mortgage marketplace lender, announced a new jumbo loan product and more competitive rates on high leverage loans to experienced real estate investors who buy and refurbish ageing residential homes across the U.S.
These new loan options are an example of the value LendingHome is able to deliver to both home flippers and investors with its innovative, tech-enabled mortgage marketplace. The company is able to offer more loan options due to its deepening and widening investor base which includes top tier institutional investors and individual accredited investors. The latter now funds nearly $50 million of the over $750 million in loans that LendingHome originates through the company's recently launched investor platform.
As home flipping hits a six-year high, LendingHome now offers jumbo loans from $1 to $2 million to property investors looking to purchase and rehab homes in lucrative real estate markets. These include housing markets with a large number of million dollar homes such as San Jose, San Francisco, Oakland and Los Angeles. At the same time, LendingHome gives experienced property investors additional flexibility and confidence to complete more projects by reducing interest rates for projects requiring higher loan-to-values.
Home flipping in the U.S. increased to a six-year high in Q2 2016, with over 51,000 homes flipped in Q2, up 14 percent from Q1 according to ATTOM Data Solutions. Home flipping profits also reached a new all-time high with an average gross profit of $62,000 for Q2 2016, up from $59,250 in Q1.
"This increase in home flip activity is driven in part by the ability for property investors to more readily participate in the market and obtain financing through innovative lenders like LendingHome," said Matt Humphrey, LendingHome CEO and co-founder. "Our strong and growing investor base, backed by our world-class mortgage team, enables us to quickly and easily provide property investors with the extensive capital and financing options they need to jump on opportunities as they arise."
In addition to expanding its loan offerings and growing its investor base, LendingHome further strengthened its leading position by bolstering its executive team. Earlier this month, LendingHome appointed Marc Geredes to oversee the company's operations team. As LendingHome's SVP of Operations, Geredes brings decades of mortgage experience. This includes serving as COO and CEO of First Franklin, founder and president of AmMac and as senior manager for one of Mariner Investment Group's managed funds.
LendingHome reimagines the traditional mortgage process to transform it into a fast, transparent, and reliable marketplace for borrowers and investors. It does this through its proprietary technology platform and team of seasoned real estate investment experts. LendingHome serves borrowers looking for financing to purchase or refinance residential real estate properties. At the same time, it serves institutional and individual investors looking for access to attractive, high-yield real estate assets. Based in San Francisco, California, LendingHome has over 240 employees and has raised $109.3 million in funding with leading investment from Renren, Ribbit Capital, Foundation Capital, and First Round Capital. To learn more, go to www.lendinghome.com.
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