Mortgage marketplace lender LendingHome has announced new rates and a new product targeting investors who buy and upgrade houses.
In a release LendingHome said they can offer a wider variety of loans because of a diversified investor base including individual accredited investors who fund close to $50 million of the $750 million-plus in loans originated through the company’s new investor platform.
To accommodate a surge in home flipping, LendingHome now offers loans between $1 and $2 million for property investors operating in expensive residential areas like Los Angeles, San Francisco, San Jose and Oakland.
“This increase in home flip activity is driven in part by the ability for property investors to more readily participate in the market and obtain financing through innovative lenders like LendingHome,” said Matt Humphrey, LendingHome CEO and cofounder.
LendingHome also announced the hiring of Marc Geredes to lead its operations team. Mr. Geredes previously served in executive roles with First Franklin and AmMac.