Privlo Launches Alternative Mortgages In Washington, Bringing Self-Employed & Small Business Borrowers Back Into The Market

LOS ANGELES, Feb. 19, 2015 /PRNewswire/ -- Privlo, an online alternative mortgage lender that serves small business owners, entrepreneurs, and self-employed individuals, is expanding into Washington today. The company provides non-QM mortgages to such creditworthy homebuyers who don't fit today's narrow lending requirements because their careers and finances are considered too complicated to prove to traditional lenders.

"There's a gap right now between an outdated lending industry that judges you merely by tax returns and W2s, and an American workforce that is increasingly defining new and alternative career paths outside of a 9 to 5 job. Small businesses make up over 98% of all Washington businesses, which means that gap is even more pronounced in the state," says Privlo CEO Michael Slavin.

Privlo uses a wide range of information that most banks exclude from the mortgage process—information that can reveal a creditworthy borrower when a credit score may fall short. Their online platform considers alternative documentation, unique financial factors, and hundreds of untapped data points to get a more complete picture of an applicant's financial capability. "We're so confident in our process and credit science model that we retain lifetime interest in every loan we make," says Slavin.

"Our process is far more holistic, and in some ways more human, than traditional lending because we're looking at your whole life picture. Banks just look at your financial past, but we also find ways to see what you're capable of in the future," says Privlo's Chief Credit & Product Officer Saro Vasudevan.

Privlo's focus on "complex incomes" allows them to serve people in Washington's biggest industries, including Technology, Aerospace, Clean Tech, Maritime, Health and Agriculture, where many are seasonal or contract-based workers locked out of homeownership:

• Nurses, tradesmen, engineers, lawyers and others with spiky or seasonal income
• Small business owners, entrepreneurs and self-employed 1099 workers
• Millennials with non-traditional career paths or blended careers
• Credit rebuilders who have a single negative credit event (bankruptcy or foreclosure as recent as a year old, or short sale 6 months or older, as compared to the general standard of two years or more among traditional lenders)
• Those with a limited credit history
• Foreign nationals with work visas

"We're looking for the good people slipping through the cracks, so we're selective. I'm still surprised when we get an applicant with 700 plus credit and a healthy down payment, but not a single lender that will look past their uneven income," says Slavin.

Privlo is already active in eight states and is planning a quick expansion to over 90% of the housing market (21 states) by the end of the year.

About Privlo
Launched in 2011 by CEO Michael Slavin, Privlo (https://privlo.com/) provides mortgages to high-quality borrowers who aren't eligible for traditional bank loans. The founding team comes from the worlds of consumer finance, real estate and technology startups, and is backed by Spark Capital and QED Investors. Privlo is headquartered in Los Angeles, CA and currently lending in California, Colorado, Idaho, Maryland, Minnesota, Tennessee, Texas, and Virginia with additional states planned in the coming months.

Press Contact
Jasmine Bina
[email protected]
(714) 328-3866

SOURCE Privlo

Related Links

https://privlo.com/