Privlo, an online marketplace for private mortgage loans, has landed $2.1 million in seed funding that the Santa Monica, Calif.-based company says it will use to expand on the $28 million in loans booked during a pilot launch.
Privlo says it can help homebuyers with non-traditional jobs secure funding, drawing on multiple data sources to match credit-worthy borrowers who don’t meet traditional underwriting requirements with private lenders.
Screen shot from Privlo promotional video.
Privlo promotional video.
In addition to the seed stage funding round led by QED Investors, Privlo announced the addition of four senior level executives to its management team.
Kenn Stearns, formerly of Brookfield Residential Property Services, Prudential Real Estate Services, and eRealty Inc., joins Privlo as chief product officer, with a focus on bringing borrowers into the Privlo network and user experience for borrowers and lenders.
Saro Vasudevan, formerly of Capital One, joins Privlo as chief customer and credit officer, focusing on ensuring high quality of borrower loan requests while servicing lender needs.
David Subar, formerly of BreakMedia and Interthinx, joins Privlo as interim chief technology officer.
Michael Barton, formerly of Startup Exchange and TicketMaster-CitySearch, joins Privlo as chief operating officer.
Privlo CEO and founder Michael Slavin is a former Los Angeles area real estate developer and managing partner at private equity firm Napias Group.