Lendistry Home Loans Opens in Illinois to Bring Minority-Led Lending Experience to Home Buyers
In response to a rising housing market in the Prairie State, minority-led fintech, Lendistry, launches residential mortgages in alignment with its mission to close the wealth gap
CHICAGO, August 7, 2024 (Newswire.com) - Lendistry announces today that Lendistry Home Loans is now open in Illinois. Since its inception, Lendistry has deployed over $350 million to small businesses in the state with the majority of fundings supporting minority- and women-owned businesses. Lendistry was selected to administer the $25 million Illinois Back to Business New Business Grant Program and is an approved lender in the Advantage Illinois SSBCI loan programs. As home prices continue to rise and interest rates settle into a new normal, Lendistry Home Loans emerges with extensive experience helping underserved and undercapitalized communities access fair, flexible capital.
“Lendistry Home Loans will offer the kind of technology-enabled, customer-centered experience that small business owners have enjoyed with Lendistry to first time home buyers and borrowers looking to refinance or invest in property. Across the board, we are here to help our customers succeed financially,” says Drew Collins, Managing Director of Lendistry Home Loans, who came to the fintech after over thirty years of experience at LoanDepot and Wells Fargo Home Mortgage.
Lendistry Home Loans offers conventional purchase and refinance loans, and several options for non-traditional borrowers including streamlined FHA loans and VA Interest Rate Reduction Refinance Loans (VA IRRRL). As a fintech, LHL’s application process is fully online, but human professionals are there to support applicants who need assistance.
Lendistry’s CEO, Everett K. Sands, now the CEO of Lendistry Home Loans, has been an outspoken advocate for undercapitalized communities, asserting that much of the risk traditional lenders assign to them is a matter of perception and bias, not fact. The Homeownership Council of America supports this claim in a study that states that over 10 million potential home buyers are going underserved.
“It’s a challenging time in the housing market right now, so I see no better time to offer an alternative to home buyers who need a responsible, equitable lender who understands their communities,” says Sands. “Together, Lendistry Home Loans and Lendistry will be a holistic capital source for underserved borrowers in the two most impactful pathways to closing the wealth gap: business ownership and home ownership.”
About Lendistry Home Loans
Lendistry Home Loans, LLC (lendistryhomeloans.com) is a minority-led, fully online residential mortgage company (NMLS #2453988). Lendistry Home Loans (LHL) was founded by Everett K. Sands, CEO of Lendistry, the nation’s second largest non-bank SBA 7(a) lender to small businesses by number of loans. Licensed in California, Georgia, Illinois, Maryland, Pennsylvania and Texas, LHL draws on Lendistry’s experience providing responsible, technology-enabled capital to underserved communities and its mission to provide economic opportunities and financial education. Lendistry Home Loans understands the power of home ownership for this and future generations and is committed to making the home loan process accessible, affordable, and approachable for all clients.
Source: Lendistry
