Spearheading its vision of expanding its business reach, LenderClose, a real estate & home equity lending tech platform, has announced attaining new capital worth $10 million in a Series B funding round. The platform has prior collated huge demand for its technology & innovative solutions, inciting it to onboard about 300 community banks and credit unions since its Series A round in March 2018.
Remarking on the investment, LenderClose CEO and Founder, Omar Jordan said that growth is their company’s topmost priority, may it be of its people, executive leadership, revenue or maximizing value for its partners and users by utilizing innovative technology solutions.
Mr. Omkar continued that real estate and home equity lending endures as a friction-filled process. Having said that, LenderClose is determined at leveraging technology to bring continuous improvement in real estate lending journey. He added that the pandemic has accelerated the demand for LenderClose, specifically for its contactless lending solutions like RON (remote online notarization).
Notably, LenderClose has been offering a myriad of tech solutions. Recently, it launched its automated loan processing solution dubbed Home Equity Express (HEx) which is developed using a level of algorithm intelligence to make sure that the requirements in collected collateral data are secured for underwriting oversight & portfolio risk tolerance.
The recent funding could further expand LenderClose’s R&D into process automation with the goal being to consequently develop a comprehensive lending solution that fully integrates every step of the lending process.
Samantha Paxson, Chief Experience Officer, CO-OP Financial Services, LenderClose, explained that their company is focused on fulfilling a vital need for digitization in the lending lifecycle for community lenders and credit unions, allowing them to process loans faster.
As per credible reports, LenderClose currently has over 300 community banks and credit unions on its platform. The platform persists on advancing its growth potential and anticipates on doubling its staff by Q4 2021 and its FI client count by late 2022.