Downtown-based Lendistry, a prominent player in the non-bank small business lending sector, has made a significant move by launching Lendistry Home Loans (LHL). This expansion marks Lendistry's entry into the residential mortgage market, with a focus on serving underserved communities and promoting financial literacy.
Key Points:
- LHL is currently operating in six states: California, Georgia, Illinois, Maryland, Pennsylvania, and Texas.
- The company offers conforming loans up to $1 million+ and nonconforming loans around $3 million.
- LHL aims to provide $300 million in funded loans within the first year.
- The platform is fully online, leveraging fintech capabilities to streamline the application process.
- Minimum credit score requirement is set at 620, but the company considers factors beyond FICO scores.
Everett Sands, Lendistry's CEO, emphasizes that this move aligns with the company's mission to expand access and close the wealth gap through loans, focusing on small business and home ownership as key wealth-building strategies.
Our Opinion
This expansion highlights the importance of leveraging technology and data to create more efficient, user-friendly lending processes. Alternative lenders who can successfully combine fintech capabilities with a mission-driven approach may find themselves well-positioned in the evolving lending landscape.
Headlines You Don’t Want to Miss
Celsius Repays $2.5B Post-Bankruptcy, Plans Recovery
Despite filing for bankruptcy in November 2021, Celsius, a cryptocurrency lender, has successfully repaid $2.5 billion to its creditors by leveraging operations profit and a boost in Bitcoin's value. CEO Alex Mashinsky announced plans for the company's future, including resuming loans and earning interest on deposits, contingent on resolving regulatory issues.
First Busey to Acquire CrossFirst for $530M, Expanding Assets to $17B
First Busey Corp is set to acquire CrossFirst Bankshares Inc. in a deal valued at approximately $530.2 million as part of an industry trend toward consolidation, aiming to manage low interest rates and technology investments. The merged entity will boast assets of around $17 billion, with First Busey shareholders controlling 54.5% of the new company, eyeing completion by early 2023.
Unit Finance Launches Tool to Safeguard Banks from Fintech Failures
Unit Finance introduces a Business Continuity Planning (BCP) tool designed to secure banks against the failure of fintech partners, ensuring uninterrupted service to customers. The tool automates the account transition process, identifies service capabilities, and facilitates smooth transitions to alternative platforms if needed.
Stay ahead with top alternative finance news—straight to your inbox.
.png)
.jpg){kind=small}
.png)