Online mortgage lender Privlo rakes in $353.8 mln

Privlo, an online mortgage lender based in Santa Monica, Calif., has received $353.8 million in funding. This amount includes $3.8 million from Spark Capital and QED Investors as well as up to $350 million in debt financing from an undisclosed New York-based private real estate investment fund. The capital infusion will be used to expand the firm’s online lending platform.

According to Crunchbase, Privlo raised $2.1 million in seed funding from QED Investors in May 2013.

Privlo was launched in 2011 to help individuals who can’t obtain home loans or mortgages. Its peer-to-peer platform matches loan seekers with individual lenders.

Commenting on this latest round of funding, Privlo’s founder Michael Slavin, said, “Privlo, which takes a consumer-friendly approach, provides liquidity to an important segment of the housing market – the largest economic driver in the U.S. – and reduces the government’s exposure to the market. Traditional lenders rely on government agencies for funding and can only cater to a very specific kind of borrower.”

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