New Home Equity Lender, Spring EQ, Launches Operations in Philadelphia

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Spring EQ launched operations in Philadelphia this November with the goal of fundamentally changing and easing the way borrowers access the equity in their homes. The company was founded by Jerry Schiano to transform home equity lending.

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My vision when forming Spring EQ was about bringing a truly better product to the consumer. I want to help underserved borrowers who are currently relying on high rate personal loans and credit cards or refinancing with large up-front fees.

There’s a new company in Philadelphia ready to serve the needs of home equity borrowers, called Spring EQ. While the traditional first lien mortgage industry has been busy in recent years lending at historically low interest rates, the home equity lending market segment has been quieter. Following the housing shift in the late 2000’s, home equity lending dropped off substantially and has only recently begun to make a recovery. Strong appreciation in home values and general improvement in the economy have created conditions where borrowers are again seeking home equity options.

Spring EQ launched operations in November with the goal of fundamentally changing and easing the way borrowers access the equity in their homes. “My vision when forming Spring EQ was about bringing a truly better product to the consumer. I want to help underserved borrowers who are currently relying on high rate personal loans and credit cards or refinancing with large up-front fees,” said Co-founder Jerry Schiano. Combining favorable rates and lower payments with a significant focus on technology, Spring EQ delivers a user-friendly digital loan process. “We’re focused on balancing human interaction and expertise with technical efficiencies,” said Schiano.

Schiano is a mortgage and start-up veteran, with over 20 years of entrepreneurial experience. He has launched and built out several successful mortgage industry entities, including lender New Penn Financial (named multi-year to Inc. 500/5000 and Philadelphia 100 lists) where he continues concurrently serving as President & CEO for the 2000-person company. Schiano co-founded Spring EQ in May 2016 and has assembled a strong management team, including executives from both the mortgage and technology industries. Spring EQ is headquartered in the City of Philadelphia and is excited to bring more jobs to the area as operations grow.

Interested borrowers and job applicants can find out more at http://www.springeq.com.

About Spring EQ
Spring EQ is working to fundamentally change and ease the way borrowers access the equity in their homes. Built by technologists, supported by veterans of the lending industry, Spring EQ was founded to transform home equity lending from a long, drawn-out paperwork based process into a 21st century digital experience that customers can access from anywhere, anytime. The company is headquartered in Philadelphia, PA.

Contact
Laura Remaker
(215) 391-1196
lremaker(at)springeq(dot)com

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Laura Remaker
Spring Eq, LLC
+1 (215) 391-1196
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