Blockchain Lender Secures $100 Million Mortgage Financing From J.P. Morgan
- Blockchain lending platform Figure has secured a $100 million financing facility from J.P. Morgan.
- The funding will be used for conforming and jumbo mortgages.
View of the two logos of J.P. Morgan’s logotype in Warsaw, Poland on April 8, 2018. Shutterstock
Blockchain lending company Figure has secured a $100 million financing facility for conforming and jumbo mortgages from J.P. Morgan.
Figure Technologies announced the news on 13 January, saying this was the fifth financing security for the company. According to Figure’s press release, nearly $1.5 billion in financing has been secured across these deals. The majority of the funds came from Wall Street, with Jefferies — a major investment bank headquartered in the U.S — being one of the biggest financiers.
This $100 million loan facility will be used for conforming and jumbo mortgages. Conforming mortgages can be bought by Fannie Mae and Freddie Mac, the federally backed home mortgage companies created by the U.S. Congress, whereas jumbo mortgages cannot.
The company said its mortgage business grew nearly 50 percent month over month in the fourth quarter of 2020. This growth is expected to continue in 2021, the company said in the press release.
“We hope to build on our 2020 momentum, both in volume and in bringing blockchain into the mortgage market,” said Mike Cagney, the CEO and co-founder of Figure.
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The corporate sign in front of the JP Morgan Chase & Co office building on Park Avenue, New York City, October 29, 2016. Felix Lipov/Shutterstock
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