Less than a week after announcing its new office in Pittsburgh, real estate marketplace lending platform LendingHome announced it has surpassed $100 million in monthly loan volume and secured $57 million during its Series C-2 funding round, which included participation from Sberbank and Noah Holdings Limited.
Lev Khasis, first deputy chairman of the executive board and chief operating officer of Sberbank, and new board member of LendingHome, explained:
“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 reverything in between. Sberbank’s decision to participate was immediate and enthusiastic, and I am proud to be a board member of LendingHome.”
The online lender also revealed the closing of the LendingHome Opportunity Fund II, which was managed by LH Capital Management, with $100 million in commitments from more than 40 investors including asset managers, international funds, family offices, and high net worth individuals. An additional credit facility of up to $300 million brings the fund’s total potential assets to $400 million. While sharing details about the fund, Matt Humphrey, Co-Founder and CEO of LendingHome, stated:
“The creation of a fund, coupled with equity financing, gave investors a unique mix of vehicles to demonstrate their confidence that we are transforming the residential mortgage industry. It’s no coincidence that we’ve chosen strategic partners who can accelerate that path forward. We’ve proven to them that we have strong traction on many levels including loan volume, credit quality, capital supply, revenue, and technology.”
LendingHome noted that the Opportunity Fund II is committed to buying more than $1 billion in LendingHome’s high-yield bridge loans over a two-year period.Paul Stockamore, LH Capital Management’s senior portfolio manager added:
“These loans remain largely ignored by traditional banks. They have short durations which allow us to quickly adjust the portfolio composition to changing market conditions and interest rate environments. LendingHome has taken another giant leap toward institutionalizing the asset class of residential bridge loans.”