PROVIDENCE, R.I., Dec. 9, 2021 /PRNewswire/ -- Beeline, a
digital start-up mortgage lender that provides the shortest path to
homeownership, has completed a Series A round of financing for an
undisclosed amount. The capital will be invested in automation
and artificial intelligence (AI) to provide a totally unprecedented
user experience (UX) for borrowers.
The round of financing was led by the Cavalry Fund and included
participation from strategic co-investors Atalaya Capital
Management, Ellington Financial Inc., and Australia-based Pipeline Capital. The latest
transaction brings the total capital raised by Beeline to
$22 million.
"We're thrilled to welcome our new equity partners, who are
aligned with our vision of using automation to disrupt the housing
industry and revolutionize how people get mortgages," said Beeline
President and Co-Founder Peter
Gonzalez. "This transaction positions Beeline to provide
consumers with a home financing experience that surpasses all other
currently available options."
The new funding will accelerate development of Beeline's
groundbreaking mortgage automation platform, which identifies,
processes, and resolves underwriting conditions in
real-time so borrowers can instantly know if they are
pre-approved for a loan.
Beeline launched in June 2020 and
has already closed nearly $500
million in mortgages. The company is currently licensed in
26 states and plans to add more.
In just 15 minutes, Beeline gives borrowers "Purchase-Ready
Approvals," day or night, by using a borrower's exact financial
information and predictive analytics rather than relying solely on
information that borrowers declare, as traditional pre-approvals
do. With the borrower's consent, Beeline securely accesses their
bank, income, and tax information online, verifies the numbers
instantly, and provides a reliable, accurate approval upfront, so
borrowers are far less likely to encounter roadblocks or be
disappointed later.
Beeline borrowers can then choose a customizable loan option and
lock their mortgage rate all in one session, from the comfort of
their sofa, without having to talk to their Beeline Loan Guide, who
is always on-hand if needed.
Currently, over 95% of Beeline's customers who receive automated
mortgage decisions are ultimately approved during the underwriting
process. This high level of automation and accuracy reduces
Beeline's origination costs, which enables the company to offer
more attractive pricing compared to other lenders.
"This is the classic example of David up against the Goliaths of
the mortgage industry," said Greg
Ellis, chief brand officer and co-founder of Beeline. "Our
unique, mobile-first platform combines automation, AI, and a simple
UX in new ways to free people from the usual back-and-forth loan
process B.S., so they can celebrate the thrill of buying a home or
the benefits of a refinance as quickly as possible."
"Beeline's tech platform delights customers by streamlining the
process to arrive quickly at their end goal, whether it's buying
their dream home, doing a refinance, or buying an investment
property," said Gonzalez. "It is also built to lower the cost of
creating a mortgage, so we need fewer employees per loan than
traditional lenders — and our borrowers benefit from that in lower
rates and costs."
For more information, please visit www.makeabeeline.com. Company
updates can be found on Instagram, and LinkedIn.
About Beeline
Beeline is a U.S. home lender that
gives consumers the shortest path to realize their dreams of a new
home or refinancing. A radical new way to apply without the hassle
of filling out long, tedious documents gives Beeline customers more
certainty with a Beeline Ready-Approval than from a typical
pre-approval with much less effort, by letting consumers link
directly to their exact financial info in seconds. This gives
Beeline accurate information and users the lowest rates. Best of
all, applying takes only 15 minutes from the sofa on a mobile
device day or night. Speeding up approvals also means Beeline can
give low rates to its customers. Based in Providence, R.I., Beeline is licensed in 26
states, including the District of
Columbia. Find out more at www.makeabeeline.com.
About Cavalry Fund
Cavalry Fund I LP is a privately
held investment firm with a flexible and creative approach to
investing in emerging growth companies. Cavalry Fund identifies and
creates investment opportunities with asymmetric risk/reward
profiles by focusing on the underserved small-cap market. By
providing capital solutions to companies seeking non-traditional
funding sources, Cavalry is able to generate superior risk-adjusted
returns without being subject to the typical day-to-day market
volatility. http://cavalryfund.com/
About Atalaya Capital Management
Atalaya Capital
Management is a privately held, SEC-registered, alternative
investment advisory firm. Atalaya primarily focuses on making
private credit and special opportunities investments in three
principal asset classes – financial assets, real estate, and
corporate. Founded in 2006, Atalaya is headquartered in
New York City and has
approximately $6 billion in assets
under management. For more information, please visit
www.atalayacap.com.
About Ellington Financial Inc
Ellington Financial Inc
invests in a diverse array of financial assets, including
residential and commercial mortgage loans, residential and
commercial mortgage-backed securities, consumer loans and
asset-backed securities backed by consumer loans, collateralized
loan obligations, non-mortgage and mortgage-related derivatives,
equity investments in loan origination companies, and other
strategic investments. www.ellington.com
Press Contacts:
Jess
Kennedy
Beeline
Jess@makeabeeline.com
Sam Garcia, Publicist
Strategic Vantage
214.762.4457
samgarcia@strategicvantage.com
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SOURCE Beeline