In the months since UpEquity nailed down a $50-million round of venture financing, the tech enabled mortgage company has doubled down on an ambitious goal: to reduce the timespan for a mortgage closing to 10 days.
The Austin, Texas-based start-up claims to have made progress on that goal, using automation technology to chip away the time needed from an average of 50 days to 18. Hitting a 10-day average next is a reasonable goal, insists Tim Herman (pictured), UpEquity’s CEO and co-founder.
“Eighteen days is not fast enough for me,” Herman said. “I want to be able to guarantee people that we’re going to close their mortgage in 10 days.
To get there, UpEquity is using its venture capital round to hire more engineers and loan officers to help advance its core technology and transactional speed. The company closed its $50 million Series B debt and equity funding round in October with investments from S3 Ventures, Next Coast Ventures, BP Capital Management, Alumni Ventures, Gaingels, Launchpad Capital and Early Light Ventures. To date, UpEquity has raised approximately $80 million.