Video editing by Xavier Smith
Getting a home refinanced could mean thousands of dollars of savings for a family, but the process of filling out mounds of paperwork, managing credit reports and dealing with layers of banking representatives is a huge time suck and brain drain.
Demo of Loanatik at TechCrunch Disrupt
Loanatik is taking the wait and worry out of the refinance game for homeowners and simplifying the process down to a few questions to get approved in minutes.
Homeowners begin by submitting their social security and other relevant information. The platform goes out to private and public databases and pulls information about the owner to finalize the application automatically and provide a quote for their mortgage.
Behind the scenes, the company is building a complete crowdfunding investment platform where the casual-to-professional investor can invest in mortgages, and banks can sell their loans to Loanatik investors.
Schwartz said that investments can be curated based on preferences, searches, investment type and person, “…if an investor wants to fund only doctors, with a 700 credit score rating, they can do that,” he said.
Currently Loanatik is licensed to originate mortgages in Colorado and Texas and soon expanding to Arizona, California, Virginia, Maryland and Washington in Q4 2015. According to the company, “these states represent 50 percent of all mortgage originations in the US.”
The startup world is familiar to Schwartz as he’s grown and exited from three companies: Programmer’s Warehouse (1995), Serinove financial and Serinova Mortgage Income Fund (2010) and a founder of three real estate funds that acquired $60MM in commercial assets (2014). Today he’s focused on lending, helping people get their homes refinanced and saving money, and providing an alternative for investment, he said.
RELATED: Wasabi Ventures expands to Arizona
Loanatik is part of the Wasabi Venture Academy. The company has raised $1.5 million in capital and have $750,00 from internal investment.
Read more about Arizona startups launching in AZ here.
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