US lender loanDepot reels in $150m in term debt financing

loanDepot, which claims to be the second-largest nonbank consumer lender in the US, has landed $150m in term debt financing.

Launched in 2010, the business said it intends to use the proceeds to invest in technology and product development.

The new funding comes just eight months after the business postponed its initial public offering.

loanDepots claims its second-quarter fundings reached nearly $10bn in home, personal and home equity loans, with total funding for the first half of 2016 up 16 per cent compared to the same time last year.

Anthony Hsieh, chairman and CEO, said, “Working capital and liquidity are essential for today’s nonbank lender, and only available if you have scale, a solid track record and a great reputation.

“loanDepot is a strong and stable company responsible to our customers, employees and shareholders. We’ll continue reinvesting back into our platform in a variety of ways, including technology, the customer experience and product development. We believe this approach strengthens our position as the leading modern lender as the industry heads into the next generation of lending.”

Headquartered in Southern California, loanDepot says it platform is ‘disrupting finance by dissolving the lines between mortgage and nonmortgage credit.’

Copyright © 2016 FINTECH GLOBAL

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