Beeline Completes Series A Financing To Revolutionize Mortgages Through Automation

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The digital mortgage lender is on the rise $ 22 million since inception – combines automation and AI to produce unprecedented ease and lower costs to buy or refinance a home

PROVIDENCE, RI, December 9, 2021 / PRNewswire / – Straight line, a digital startup mortgage lender with the shortest path to homeownership, has completed a Series A financing round for an undisclosed amount. The capital will be invested in automation and artificial intelligence (AI) to deliver a completely new user experience (UX) to borrowers.

The round of funding was led by the Cavalry Fund and included the participation of strategic co-investors Atalaya Capital Management, Ellington Financial Inc., and AustraliaPipeline Capital. The latest operation brings the total capital raised by Beeline to $ 22 million.

“We are delighted to welcome our new financial partners, who align with our vision to use automation to disrupt the housing industry and revolutionize the way people get mortgages,” said the president and co-founder of Beeline. Pierre González. “This transaction positions Beeline to provide consumers with a real estate financing experience that surpasses all other options currently available.”

The new financing will accelerate the development of Beeline’s revolutionary mortgage automation platform, which identifies, processes and resolves underwriting conditions in real time so borrowers can instantly know if they are pre-approved for a loan. ready.

Beeline was launched in june 2020 and has already closed almost $ 500 million in mortgages. The company is currently licensed in 26 states and plans to add more.

In just 15 minutes, Beeline gives borrowers ‘ready-to-buy’ approvals, day or night, using a borrower’s accurate financial information and predictive analytics rather than relying solely on the information borrowers report, as do traditional pre-approvals. With the borrower’s consent, Beeline securely accesses their banking, income and tax information online, verifies numbers instantly, and provides reliable and accurate approval in advance, so borrowers are much less likely encounter obstacles or be disappointed later.

Beeline borrowers can then choose a customizable loan option and lock in their mortgage rate in one session, from the comfort of their sofa, without having to speak to their Beeline loan guide, who is always available when needed.

Currently, over 95% of Beeline clients who receive automated mortgage decisions are ultimately approved during the underwriting process. This high level of automation and precision reduces Beeline’s origination costs, which allows the company to offer more attractive prices compared to other lenders.

“This is the classic example of David vs. the Goliaths in the mortgage industry,” said Greg Ellis, brand manager and co-founder of Beeline. “Our unique, mobile-first platform combines automation, AI, and simple UX in new ways to free people from the usual BS round-trip lending process, so they can celebrate the fun of buy a home or the benefits of refinancing as quickly as possible. “

“Beeline’s technology platform thrills clients by streamlining the process to quickly reach their end goal, whether it’s buying their dream home, refinancing or buying an investment property,” Gonzalez said. “It’s also designed to lower the cost of creating a mortgage, so we need fewer employees per loan than traditional lenders – and our borrowers benefit with lower rates and costs.”

For more information, please visit www.makeabeeline.com. Company updates can be found at Instagram, and LinkedIn.

About Beeline
Beeline is an American mortgage lender offering consumers the shortest route to realize their dreams of a new home or refinancing. A radical new way to apply without having to fill out long, tedious paperwork gives Beeline customers more certainty with a Beeline Ready approval than from a typical pre-approval with much less effort, allowing consumers to check in. directly log in to their exact financial information within seconds. This gives Beeline accurate information and users the lowest rates. Best of all, the app only takes 15 minutes from the couch on a mobile device day or night. Speeding up approvals also means that Beeline can offer low rates to its customers. Situated at Providence, RI, Beeline is licensed in 26 states, including the District of Colombia. Learn more about www.makeabeeline.com.

About the Cavalry Fund
Cavalry Fund I LP is a private investment firm with a flexible and creative approach to investing in emerging growth companies. Cavalry Fund identifies and creates investment opportunities with asymmetric risk / return profiles by focusing on the underserved small cap market. By providing capital solutions to companies seeking non-traditional sources of funding, Cavalry is able to generate superior risk-adjusted returns without being subject to the typical day-to-day market volatility. http://cavalryfund.com/

About Atalaya Capital Management
Atalaya Capital Management is a private alternative investment advisory firm registered with the SEC. Atalaya mainly focuses on making private credit investments and special opportunities in three main asset classes – financial assets, real estate and businesses. Founded in 2006, Atalaya is headquartered in New York City and around $ 6 billion in assets under management. For more information, please visit www.atalayacap.com.

About Financière Ellington Inc
Ellington Financial Inc invests in a wide variety of financial assets, including residential and commercial mortgages, residential and commercial mortgage-backed securities, consumer loans, and asset-backed mortgage-backed securities. consumer, secured, non-mortgage and mortgage-related loan obligations. derivatives, equity investments in loan origination companies and other strategic investments. www.ellington.com

Press contact:
Jess kennedy
Straight line
[email protected]

Sam garcia, Publicist
Strategic advantage
214,762,4457
[email protected]

Cision

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