San Francisco-based mortgage marketplace lender LendingHome has quietly attracted $109.3 in three funding rounds since October 2013, including a recently concluded $70 million Series C round led by Renren.
The latest cash influx is earmarked toward a national expansion, improved infrastructure and the introduction of new loan products.
Renren CEO Joseph Chen is impressed with pretty much every aspect of LendingHome. “We saw LendingHome execute from zero to over $100 million in loans in under a year in an $8 trillion US market opportunity. They have all the pieces in place: the best technology, a massive market, large-scale traction, a world-class team.”
After attracting Foundation Capital’s Charles Moldow to their initial $11.3 million Series A round in November 2013, LendingHome partnered with Ribbit Capital’s Meyer Malka to its Series B last September. Other participants in the rounds included First Round Capital, Scott Bommer of SAB Capital, Colony Capital, and Cowboy Ventures.
Founded in October 2013 and launched in April 2014, LendingHome grew from the investment and borrowing experience of founders Matt Humphrey and James Herbert. LendingHome claims their loans are closed five times as fast at a third of the processing cost of the industry average. They target the $600 billion annual non-conforming mortgage market.