Digital mortgage company Guaranteed Rate has closed an undisclosed investment from Thomas H. Lee Partners.
The transaction will see THL make a material capital and strategic investment in to the company.
Chicago-headquartered Guaranteed Rate is an online retail mortgage lender in the US, operating across all states. The company helps consumers to see their credit scores and then search for the perfect loan, sorting by monthly payments and interest rates.
Last year the company’s gross revenue was $778m and plans to have funded $20bn in new mortgage loans to consumers by the end of 2017, according to the company.
Part of the capital raised by the company will be used to repurchase the some of the shares held by existing shareholders. The remaining equity will be used for development of the its technology, with the company looks to enhance workflows.
Guaranteed Rate is also looking to boost its marketing efforts and hiring producers to its team.
THL managing director Ganesh Rao said, “Guaranteed Rate’s industry leading purchase origination mix, excellent track record of growth and experienced team make this a compelling opportunity for THL.”
The day-to-day operations will continue to be led by the company’s founder Victor Ciardelli III, while THL will have a minority stake.
Earlier in the year, THL acquired a majority stake in the online real estate marketplace Ten-X. The company is a marketplace that allows users to buy and sell properties through desktop and mobile applications.
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