The partnership will enable Fulcrum Lending to underwrite loans directly through its platform, turning the company into a full-service digital lender and continuing its nationwide expansion.
In addition to this new underwriting service, Fulcrum’s LoanCenter platform also enables clients to access real-time loan pricing on multifamily properties, market insights and investor tools that are not available through traditional lenders.
Although Fulcrum launched recently in June 2021, the company’s founding team includes two proptech veterans: Maxwell Wu and Kenneth Mendonça.
CEO Wu previously served as Chief Underwriter at real estate tech firm TapCap; he helped that company achieve rapid growth following its initial spinout from Greystone, marked by over $1.3 billion in multifamily loan requests during its first two quarters.
Chief Technology Officer (CTO) Mendonça also previously worked at TapCap and Greystone, leading all platform development and architecture for their digital lending platforms.
“Our proprietary technology and data not only drive down lending costs, which we pass directly to the borrower, but they also enable us to uncover hidden market insights and trends which we share with our clients at no cost,” Wu stated in the release.
“Multifamily loans are a commodity in this market, and providing the lowest cost loans was only inevitable with our technology and data capabilities, so our focus turned to, how can we provide long term value for our borrowers beyond just a transactional service,” he said.
While Fulcrum Lending’s data offering is mainly aimed at investors, the company also provides its technology and direct lending channels to small- and medium-sized brokerages in exchange for presence in the secondary and tertiary markets.
“Fulcrum is the only provider delivering solutions that doesn’t push out the independent mortgage broker,” said CTO Mendonça.
“Whether it’s a one or 100-person firm, our no-code integrations and APIs help our brokerage partners digitize their operations in less than a few days.”
In other recent proptech news, Curbio raised $65 million for its pre-sale renovation model, led by Revolution Growth. Japanese office leasing proptech Estie also completed an approximate $9 million Series A.