Hometap announced that it has raised $60 million in new operating capital through a funding round led by American Family Ventures, along with new and existing investors that include Bain Capital, ICONIQ Capital LLC, G20 Ventures, Pillar and General Catalyst. The latest funding round brings the total operating capital raised to date by Hometap to $95 million. This capital will be deployed to continue hiring talent across all functional areas, scale Hometap’s channel partner program, introduce additional alternative financing products and services to support homeowner needs, and expand operations nationwide.
Deephaven upgraded its Foreign National DSCR (debt-service-coverage ratio) program, which streamlines mortgage lending to non-U.S. citizens by eliminating certain documentation requirements that otherwise could present barriers to a speedy closing. In place of typical borrower income qualifying criteria such as W-2 forms, Deephaven calculates the projected cash flow of the property to determine whether the monthly rental income meets or exceeds the debt-service requirements of the loan. The program offers loans of up to $1.5 million, with a maximum LTV ratio of 75% for purchases and 70% for refis. Funding can be used for condominiums (both warrantable and nonwarrantable), planned unit developments (PUDs), and two- to four-unit multifamily properties. Requirements include 12 months of reserves to be held in a federally insured bank, and assets for closing must be seasoned in a U.S. depository for at least 30 days prior to closing.
Amerant Mortgage announced the expansion of its wholesale division, with the addition of 28 new team members solely focused on wholesale business. The team is led by director of wholesale lending Rich Linderman, national wholesale sales director Dennis Waxman and director of wholesale operations Mellissa Rugh.
Geneva Financial announced the opening of a new branch in Grand Junction, Colorado, to be led by branch manager Jason Jones.
Advisors Mortgage Group announced the opening of its newest branch, which is located in Linwood, New Jersey. This office, led by branch manager Greg Parker, relocated to Linwood due to the growth the company has experienced over the past four years.