Accepti.inc, a technology-enabled lender has reportedly raised $90 million in debt and equity funding to enhance its digital mortgage lending platform where $78 million is in debt and $12 million is in equity. The equity part of the funding was reportedly led by SignalFire, along with its existing investors - DN Capital and Y Combinator.
According to the credible sources, while using this platform the buyers first get qualified and then they can start seeking homes falling under the amount they have been approved for. The buyers can buy a more expensive home, however, the amount above the approved sum has to be paid out of pocket.
Conventionally, most buyers are reportedly not aware of the fact that they will have to pay out of pocket until they have made an offer on a home and an evaluation comes below the amount they are paying for the home. In such cases, the buyers have to pay the difference out of pocket. Accept.inc. is addressing this problem as using its platform, the buyers have clear idea about the amount they are approved for and can invest in a new home with no surprises later, the company executives claimed.
Describing Accept.in as an iLender, founding Partner and CTO of SignalFire, Ilya Kirnos stated that the lending platform does not make money by charging fees to buyers. Unlike iBuyers, Accept.inc fronts the cash to purchase a home and then earns from mortgage origination and title which implies that homebuyers, sellers and their agents do not pay extra cost for the service, he added.
According to CEO and co-founder of Accept.inc, Adam Pollack, the company has helped numerous buyers, sellers and agents close on millions of dollars in houses since its establishment in 2016. In 2020, it has seen 14 times growth and 10 times growth in terms of the size of its team and revenue and number of transactions over the span of June 2020 to June 2021.