Figure, J.P. Morgan Close $100 Million Financing Facility for Jumbo, Conforming Mortgages
Figure Technologies, Inc. (Figure™), a leader in transforming financial services through the power of blockchain technology, announced today its subsidiary Figure Lending LLC has closed a $100 million financing facility for conforming and jumbo mortgages from J.P. Morgan.
This is the fifth financing facility for the online lending pioneer, having closed nearly $1.5 billion across these deals. Wall Street partners in financing facilities include Jefferies, other banks and funds and now J.P. Morgan.
This $100 million loan facility is another opportunity for Figure to continue fueling growth in its mortgage lending. The company's mortgage business grew nearly 50% month over month in the fourth quarter, and Figure anticipates continued growth in 2021.
"This facility with J.P. Morgn will help us continue to innovate in the lending space," said Mike Cagney, CEO and co-founder of Figure. "We hope to build on our 2020 momentum, both in volume and in bringing blockchain into the mortgage market."
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages its Provenance blockchain for loan origination, servicing, financing and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at https://www.figure.com/.