loanDepot Raises $150 million, Plans to Hold More Loans on Balance SheetAugust 17, 2016 | By: deBanked Staff
California-based marketplace lender loandepot secured $150 million in term-debt financing to make investments in technology and product and hold loans on balance sheet.
For Q2, the company funded $10 billion in personal loans, home loans and home equity loans. Total funding for the first half of 2016 was up 16 percent compared to last year, the company claimed.
loanDepot was launched in 2010, by entrepreneur Anthony Hseih who has led companies like LendingTree, Homeloancenter.com and pioneered online consumer lending with Loansdirect, acquired by E*Trade Finance in 2001. Despite strong growth (Originating more than $50 billion worth of loans since 2010), the company postponed its November 2015 IPO because of “adverse market conditions.” For reference: Square went public six days later on November 19.
In March of this year, the company partnered with subprime lender Avant for a mutual borrower program.Last modified: August 17, 2016