Figure Lending Borrows $100 Million From JP Morgan

Investments have been flying around in the Blockchain space of recent, in which the belief surrounding the investments is fuelled by the rapid growth beckoning the space. In a news article published on a popular technology firm’s website, Figure Technologies has announced securing a $100 million loan facility from a popular global financial lender, JP Morgan Chase.

The loan obtained by the Technology company was facilitated for its mortgage lending platform, Figure Lending. The new credit facility has now constituted part of a series of loans for the Blockchain mortgage firm, and it is tailored towards the provision of more mortgage products for the mortgage lenders.

Figure confirms this as the fifth loan they have gotten to bolster its business

Figure Lending, an organization changing the financial and mortgage space leveraging Blockchain technology, has confirmed that this new facility is the fifth it has obtained in two years. The total amount of credit the firm has acquired is now about $1.5 billion, which will now be expected to be tailored towards the provision of conforming and jumbo mortgage facilities for its customers.

Figure Technologies, a financial technology firm operating as both a financial services firm and the parent company of Figure Lending, have also expressed their delights in the new funding, which is expected to soar the company fortunes higher. In his statement to the press, the mortgage lending company CEO Mike Cagney believes that the trust being bestowed upon Figure by JP Morgan is a testament to the public’s expectations from the blockchain firm.

Cagney, who further acknowledges that the next step for the organization is to continue to innovate, is confident that they will repay the faith bestowed upon them by firms like Jefferies group. The firms supported Figure with a loan of $1 billion in 2019, JP Morgan, and the other unnamed wall street firms who have supported the company’s growth in the last two years.

Figure wants growth mechanism to continue

Figure Lending, founded in 2018, has provided mortgages, financial solutions tailored to home improvements, retirement plans, and a host of other life benefitting services to its client in the United States and its environs. The belief surrounding the firm will likely further pay as Cagney, in his explanation, says the firm, which grew by more than 50% in its market capitalization, is buoyed by this growth and has eyes on further success in 2021.

In Cagney’s conclusion, he confirms that the organization which utilizes blockchain technology to dissipate mortgages and loans at an efficient speed and under cost-effective methods relying on automation procedure has also moved ahead to apply for a national banking charter. According to Cagney, the National banking charter, which was applied for in November 2020 with the Office of the Controller of the Currency (OCC), has yet to be approved.