Santa Monica, CA (PRWEB) May 02, 2013
Privlo, the leading online marketplace for private mortgage loans, brings high quality, credit-worthy borrowers who do not meet the requirements of traditional mortgage banks, together with private mortgage lenders. Privlo plans on using the new capital to expand on the $28MM in loan volume booked during its highly successful pilot.
Privlo’s state-of-the-art technology platform draws on multiple sources of data to facilitate an intelligent matching process between borrowers and lenders. Their unique process enables a more holistic credit decision than is currently made by traditional mortgage lenders. Privlo’s next generation platform, with the ability to apply directly for loans, will go live later this summer.
“Given recent contractions in mortgage lending and the growth of home buyers with non-traditional jobs, there is a large and highly desirable group of borrowers who are not currently being served by 'check-the-box' lending practices. We can help these borrowers find loans while at the same time generating fantastic returns for lenders,” said CEO and Founder Michael Slavin. Slavin is a former Los Angeles area real estate developer and managing partner at private equity firm Napias Group.
“We are especially excited that QED Investors is leading this round. QED is the one of the most innovative and experienced investor groups active today in creating new and disruptive financing models. Their input and experience will be instrumental in shaping the future of the company,” adds Slavin.
In addition to the funding, Privlo also announced that several senior level executives with deep expertise in startup, real estate and finance have joined the management team.
Kenn Stearns, formerly of Brookfield Residential Property Services, Prudential Real Estate Services, and eRealty, Inc, joins Privlo as its Chief Product Officer. Kenn will focus on bringing borrowers into the Privlo network and creating a world class user experience for borrowers and lenders.
Saro Vasudevan, formerly of Capital One, joins Privlo as its Chief Customer and Credit Officer. Saro will focus on ensuring high quality of borrower loan requests while servicing all lender needs for participating on the Privlo platform.
David Subar, formerly of BreakMedia and Interthinx, joins Privlo as its interim Chief Technology Officer.
Michael Barton, formerly of Startup Exchange and TicketMaster-CitySearch, joins Privlo as its Chief Operating Officer.
At the same time, senior executives from the Real Estate, Mortgage and Finance industries have joined Privlo’s Advisory Board including Jack Bunce, Larry Cohen, Charles Conn and Gary Tenzer.
Privlo, the leading online marketplace for private mortgage loans, brings high quality, credit-worthy borrowers who do not meet the requirements of traditional mortgage banks, together with private mortgage lenders. Launched in 2011, Privlo is based in Santa Monica, California. The company is represented by K&L Gates, LLP. More information can be found at http://www.privlo.com, or by contacting the company via email at info(at)privlo(dot)com.