Noah, which helps homeowners access their home equity, has collected $150m in a funding round to help it finance more contracts for homeowners.
Noah recently completed a technology overhaul to enable homeowners access faster and simpler pre-qualification.
Clients only need to provide the address of the property, the debt balance on the home and the homeowner’s credit score. With this, Noah can pre-qualify a homeowner for financing within a matter of minutes, it claims.
The homeowner can proceeds with the application and receive funds in as little as 15 days.
Its technology leverages 80bn data points across over 60 different variables.
Through Noah, a homeowner can access up to $350,000 of their home equity. Instead of having monthly payments or interest, Noah takes a percentage of the home’s future appreciation.
Noah founder Sahil Gupta said, “Amid this state of financial uncertainty, we’re encouraged by our latest capital investment as it strengthens our ability to continue to partner with homeowners and help them access immediate funds.
“Unlike traditional financial institutions, Noah is able to gain a full financial profile of our homeowner partners and provide them with funding – even if they may be facing unemployment or a reduced income. We’ve had homeowners come to us when they had nowhere else to turn and it’s important that we continue to develop long-term partnerships, even in times of economic uncertainty.”
The company is looking to increase the size of its team to help scale its product offering. Noah is looking to deploy its solution in east coast markets in Q2 2020.
The company closed a $5m Series A in September 2019 from Union Square Ventures.
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