In addition to financing, Forecast Labs offers startups access to direct response television, direct mail programs.
Neat Loans hopes to connect with more borrowers during the spring and summer homebuying season in the wake of parent company Neat Capital’s announcement that it closed a Series B-1 funding round with Comcast subsidiary Forecast Labs.
Boulder, Colorado-based Neat Loans “is well positioned to fill a gap in today’s aggressive real estate market by enabling clients to compete with cash buyers with its fully underwritten Platinum Approval and by backing $50,000 of a homebuyer’s earnest money,” the companies said Tuesday.
Neat Loans is licensed in 21 states including Arizona, California, Colorado, Florida, Illinois, Massachusetts, Michigan, Texas and Washington. According to the Nationwide Mortgage Licensing System, the company employs 24 sponsored mortgage loan originators who work out of seven branch offices.
The company says its home financing platform “dramatically speeds up a cumbersome process and makes for a more seamless experience for today’s homebuyers, especially those who have complex financial situations,” with clients closing as quickly as two weeks.
“Neat’s technology significantly advances the homebuying process for the next generation. This is a major sector of the economy that has long required enhancement, revision, and a fresh set of eyes,” Forecast Labs Managing Director Arjun Kapur said in a statement. “We’re excited to bring Neat’s personalized solutions to additional Americans this year and ahead.”
The companies did not disclose how much funding Forecast Labs is providing, but it’s a follow-on to a $22.5 million series B round led by Left Lane Capital announced last year. All told, Neat Capital had raised $37.2 million, the company said at the time.
Forecast Labs’ other investments include home insurance provider Hippo, and financial services provider Acorns, which specializes in microinvesting.
In addition to providing startups with capital, Forecast Labs offers a range of programs to help companies acquire customers, including direct response television and access to direct mail services that leverage Comcast’s ability to negotiate discounted rates on printing and shipping.
The timing of Forecast Labs investment in Neat Capital “aligns well with the spring and summer homebuying season, a period known in the mortgage industry to be especially busy and fiercely competitive,” the companies said. “As housing inventory remains constrained, the hope is that a broader set of prospective homeowners will learn about how to access modernized and transparent home financing support as they prepare their bidding strategy.”
Neat Loans currently has openings for roles including closer, loan officer, senior full stack developer, sales manager, disclosure specialist, human resource generalist and senior mortgage underwriter.
Founded by CTO Steve Herschleb and CEO Luke Johnson and launched in 2017, Neat Capital also offers its technology to banks as a white label solution.
In February, Neat Capital released a cloud-based loan origination system in February that it claims “algorithmically processes, underwrites, documents, and produces mortgage loans, enabling the company to condense underwriting turn times to 24 hours.”
Herschleb said at the time that while mortgage companies provide “pretty user interfaces … behind the scenes, they still operate and produce loans using the same antiquated mortgage tech developed in the 1990s.”
By using automated pricing and underwriting, “Neat Capital can provide borrowers with access to cash-like financing, which provides certainty in home financing and a competitive edge when bidding on homes,” the company said.
In addition to Neat Loans, Neat Capital operates a real estate brokerage subsidiary, Neat Homes, in Colorado.