JPMorgan Provides $100M Financing Facility for Blockchain Mortgage Platform Figure

Figure Technologies, a Blockchain mortgage platform according to a Wednesday report said it has closed a $100 million financial facility for its mortgage product from JP Morgan, an investment bank.

The platform is also said to have sealed other financial facility deals making a total of $1.5 billion. Apparently, the current JP Morgan investment is their fifth financial facility deals.

Apart from JP Morgan, figure Technologies maintained, other notable institution including Jefferies, and a number of other Wall Street banks.

The firm’s facility covers conforming and jumbo mortgages loan in excess of the traditional lending restrictions. Reacting to these, Mike Cagney, CEO of Figure in a statement said:

“The facility with JP Morgan will help us continue to innovate in a lending space”.

The firm reportedly said it’s mortgage business grew nearly 50% months over month in the fourth quarter of 2020.

Apart from JP Morgan, figure Technologies maintained, other notable institution including Jefferies, and a number of other Wall Street banks.

The firm’s facility covers conforming and jumbo mortgages loan in excess of the traditional lending restrictions. Reacting to these, Mike Cagney, CEO of Figure in a statement said:

“The facility with JP Morgan will help us continue to innovate in a lending space”.

The firm reportedly said it’s mortgage business grew nearly 50% months over month in the fourth quarter of 2020.

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