Lendistry's bold move: Home Loan Program

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.

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