Privlo Expands in California

Privlo, a non-qualified mortgage lender, has begun operations in its home state of California.

The financial tech startup targets borrowers who fit its own internal credit criteria and tend towards self-employment. Privlo already operates in Colorado, Idaho, Maryland, Minnesota, Tennessee, Texas and Virginia.

In its release announcing California operations, Privlo indicated it would target the self-employed and small business owners.

"More than 90% of California's small businesses are sole proprietorships, and it's no secret that many in this group are totally capable of taking on a mortgage but simply can't get approved," Privlo chief credit and product officer Saro Vasudevan said in the release.

"There's pent-up demand in every state we've launched, but we expect California to exceed anything we've seen so far," citing self-employment figures of approximately 22% in Berkeley and Santa Monica.

Privlo bases its operations in Los Angeles and receives funding from the venture capital firms QED Investors and Spark Capital.

For reprint and licensing requests for this article, click here.
Originations Mortgage technology
MORE FROM NATIONAL MORTGAGE NEWS