LendingHome, a US-based online mortgage lender backed by financial services firm Sberbank, has closed a $75m series E round led by alternative asset manager Benefit Street Partners.
Founded in 2013, LendingHome began as an online mortgage marketplace but later expanded its offering to include its own lending products, and has originated over $6bn of loans to date for professional and first-time real estate investors.
The company has also appointed Michael Bourque as chief executive, replacing co-founder Matt Humphrey, who will continue to serve on its board of directors.
In 2017, LendingHome raised $57m in series C-2 funding from Sberbank, asset management firm Noah Holdings and unnamed existing and new investors, alongside a $300m credit facility.
The 2017 round was announced in tandem with the $100m close of LendingHome Opportunity Fund II, a vehicle managed by investment adviser LH Capital Management and formed to buy LendingHome’s high-yield bridge loans.
Social media network Renren led the company’s $70m series C round in 2015, after it pulled in $28m through a 2014 series B round led by Ribbit Capital.
LendingHome had raised $11.3m in a Foundation Capital-led series A round in 2013. Its investors also include First Round Capital, Colony Capital, Cowboy Ventures and angel investors including Scott Bommer, founder of hedge fund SAB Capital Management.