Beeline, a digital mortgage lender that accesses bank, income and tax information online to provide “purchase-ready approvals” in 15 minutes, has completed a Series A funding round that brings the total raised to date to $22 million.

Providence, Rhode Island-based Beeline says it’s closed nearly $500 million in mortgages since launching in June 2020, and is currently licensed in 25 states and Washington, D.C.

The amount raised in the latest round of financing was not disclosed, but previous regulatory filings detail $19.5 million raised in four offerings from November 2019 through October 2021.

The latest round was led by the Cavalry Fund, with participation from strategic co-investors Atalaya Capital Management, Ellington Financial Inc., and Australia-based Pipeline Capital.

Peter Gonzalez

“We’re thrilled to welcome our new equity partners, who are aligned with our vision of using automation to disrupt the housing industry and revolutionize how people get mortgages,” said Beeline cofounder and President Peter Gonzalez, in a statement. “This transaction positions Beeline to provide consumers with a home financing experience that surpasses all other currently available options.”

Beeline — which also provides leads to Realtors who sign up to receive them — says its “purchase-ready approvals” are more reliable and accurate than traditional pre-approvals that depend on information provided by borrowers.

After obtaining the borrower’s permission, Beeline’s automation platform accesses their bank, income and tax information online, and verifies the numbers before processing and resolving underwriting conditions to provide decisions in real time.

More than 95 percent of customers who are provided automated mortgage decisions are ultimately approved, the company says.

Beeline says its streamlined process allows it to offer lower interest rates and closing costs, a claim it backs up with a “Beeline Price Pact.” If Beeline decides that it can’t beat a competitor’s rate, it promises to pay half of the borrower’s first monthly mortgage payment with the other lender.

Borrowers in Rhode Island, Massachusetts and Texas can also obtain title and escrow services from affiliated businesses including Beeline Title LLC and Beeline Settlement Services LLC. Beeline is the “doing business name” of Beeline Loans Inc., a subsidiary of Beeline Financial Holdings Inc.

Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

lenders | technology
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×