US-based online mortgage lender LendingHome received $57m in series C-2 funding on Tuesday from financial services firm Sberbank, asset management firm Noah Holdings and undisclosed new and existing investors.
LendingHome operates an online mortgage marketplace for borrowers and lenders that has provided capital for more than $1.75bn in mortgage loans.
The funding, which took LendingHome’s total equity financing to $166m, was closed alongside that of LendingHome Opportunity Fund II, a vehicle managed by investment advisor LH Capital Management that will buy LendingHome’s high-yield bridge loans, at $100m.
The unit raised the $100m from asset managers, international funds, family offices and high-net worth individuals. LendingHome has also secured $300m in debt financing in the form of a credit facility, but it did not disclose the identity of the lenders that provided the capital.
Lev Khasis, chief operating officer of Sberbank, will join LendingHome’s board of directors in conjunction with the round. He said: “Over the past four years, LendingHome has created a truly modern mortgage company.
“They innovate at every step, from the first customer interaction to the last servicing payment and everything in between. Sberbank’s decision to participate was immediate and enthusiastic, and I am proud to be a board member of LendingHome.”
Social media and financial technology company Renren led LendingHome’s $70m series C round in 2015, after Foundation Capital, Ribbit Capital, SAB Capital, Colony Capital and Cowboy Ventures had supplied its earlier funding.