Mortgage marketplace lender LendingHome revealed its latest numbers at LendIt 2016 in San Francisco this week.
Loan originations in 2015 grew six-fold from 2014, pushing the platform’s funded mortgages total beyond $550 million. More than $200 milli0n in principal and $20 million in interest have been returned to investors so far.
“We’re excited to fund more loans to the many real estate investors and entrepreneurs not served by banks who are revitalizing homes and neighborhoods across the country,” CEO and Co-Founder Matt Humphrey said. “We’re now able to give individual investors access to these same high-quality, institutional-grade real estate assets with the launch of our new investor platform.”
That platform allows investors to participate with a minimum opening balance of $50,000 and a minimum investment of $5,000. Fractional notes backed by mortgages provide 10 percent average yields. Investors also receive immediate monthly cash flows and the safety of diversifying across many investments.
At least one institutional investor likes what he sees.
“Unlike other fintech platforms that offer investments backed by unsecured loans, LendingHome provides an opportunity to participate in the market for senior secured, collateralized mortgage loans backed by real assets,” said Marc Katz, founder and managing partner of Aesalon Capital Management LLC in Chicago, Ill. “We are impressed by the LendingHome team’s real estate and mortgage lending experience, their priority on strong underwriting and the attractive yield.”