Lendinghome Raises $109.3 Million in Series C Funding

LendingHome, the San Francisco based startup that offers peer-to-peer mortgages, recently raised $109.3 million in Series C funding. The bulk of this funding came from Chinese social media company RenRen, who invested $70 million in the fin tech startup. This is RenRen’s latest large-scale investment in several fintech startups, including Fundrise.

LendingHome’s series C funding follows a stellar year with over $100 million in mortgages originated, which funded short-term bridge loans to homeowners flipping properties and mortgages for landlords who own and rent out 10 or fewer single-family residences. The startup is simplifying the process of getting a loan or mortgage, and demand seems high for their new tech-friendly approach.

LendingHome Founders

Borrowers can apply for loans on LendingHome’s website, and track their application’s status as it moves toward approval. LendingHome uses a wide range of data to review property value and which applicants are likely to repay their loans. One source used is Intuit Connect, which can access a borrower’s bank statements.

LendingHome also aggregates deals to allow institutional investors, like hedge funds and financial service firms, to fund bulk loans that have already been approved as reliable and creditworthy. Soon the platform will also offer deals for individual investors looking to get into real estate investing.

LendingHome’s successful round of Series C funding, along with its explosive growth, points to another growing industry eager for a streamlined digital transformation. LendingHome offers mortgages and loans much faster than the manual processes still being used by banks.

Co-founders Matt Humphrey and James Herbert have done well to bring technology to bear on an industry whose operations were largely still operating by pre-internet standards.

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