Mortgage marketplace lender LendingHome announced on Thursday it has appointed Michel Bourque as its new CEO and has secured $75 million through its Series E investment round, which was led by Benefit Street Partners.
According to LendingHome, Bourque will assume day-to-day leadership of the company and will also join LendingHome’s Board of Directors. Bourque has served as LendingHome’s COOand CFO since he joined the company in August 2018. Matt Humphrey, LendingHome’s Co-Founder, has stepped down from his role as Chief Executive Officer and will continue to serve on the Board of Directors. In addition, Richard Byrne, President of Benefit Street Partners, will join the Board of Directors.
The company further revealed that the funding, as well as executive moves, will drive all aspects of the business to sustain an aggressive pace of growth, deliver continued profitability, and accelerate the company’s rapidly expanding leadership in the real estate investment market. Speaking about stepping down, Humphrey stated:
“It has been a great honor to serve as the CEO of LendingHome since founding the company in 2013, and I am incredibly proud of everything our team has accomplished together in the last seven years. We have built a high-growth, profitable fintech company that is number one in our market of residential real estate investment. I am excited for our next chapter as we leverage our world-class technology to partner with our customers beyond lending. The Board and I are confident that Michael is the right person to build on this momentum,” Humphrey continued. “He is a seasoned leader with significant experience working with financial markets, operating efficiently at scale, and delivering value to investors. And importantly, he cares deeply about each member of our team. We are lucky to have him as our next CEO.”
Bourque further commented:
“I am thrilled to assume this new role and for the future of the company. We are poised for substantial growth and are excited about closing this strategic investment from Benefit Street Partners. We have an exceptionally talented team at LendingHome that is focused on growing the business, continuing to innovate our products and channels in new and diverse ways, and unlocking future opportunities. I look forward to taking LendingHome to the next level.”
Founded in 2013 and began lending in mid-2014, LendingHome states it has the online tools that homebuyers need to put them on the party that seamlessly takes them from pre-approval to contract to closing.