Loanatik

Perhaps you've felt the pain of getting a home mortgage: endless paperwork, documents and headaches.

Loanatik's mission is to make getting a mortgage quick, easy, and painless. It aims to save consumers time and money.

It requests just your name and social security number. Its software then does the work for you gathering public and private data to automate the underwriting of your loan.

You speak to a loan officer only if you want to move forward.

Behind the scenes, the company is building a crowdfunding investment platform, where casual and professional investors can invest in mortgages, and banks can sell their loans to Loanatik investors.

The Loanatik Marketplace is designed from the ground up to allow primary market participants (banks and mortgage banks) to sell their loans to Loanatik's investors. The performance of each individual loan is tracked, and it's tied directly to both the originating company and underwriter.

Primary market participants benefit from being able to sell their loans in the Loanatik Marketplace for a variety of reasons:

(i) Loanatik has no "bulking" requirements. This means that even one loan can be sold immediately on its platform, rather than having to wait until $10 million of loans have been originated. This reduces the amount of time the originator has the loan on their warehouse line and thereby reduces their costs.

(ii) Loanatik will accept electronic files rather than require imaged original tax returns and W-2 documents from the borrower.

(iii) It is a long and difficult process to become a Fannie/Freddie approved seller/servicer. Many sellers never qualify for a direct relationship and are forced to sell to firms that are Fannie/Freddie approved. The result is that smaller and indirect sellers can earn more money selling through Loanatik.

Investments can be curated based on preferences, searches, investment type and person... so if an investor only wants to fund doctors with a 700 credit score, they can do that.

As the company's founder said, "Loans aren't fundamentally different than they were a thousand years ago, and they won't be much different a thousand years from now. The only thing that has truly changed over time is the process. While technology has made life simpler and easier, the process of getting a loan has gotten more complicated, more difficult, and more stressful. We're humbly setting out to prove that it doesn't have to be that way any longer."

The founder has started and sold several significant businesses, including a mortgage company. And the management team has contributed $750,000 towards the company in the form of cash and notes receivable.

Team Background

Michael Jacoby - Chief Marketing Officer

Michael is the former Managing partner of JKP, an imaging and color science firm that pioneers technological advances for companies like Disney, Samsung, and Universal.

He's also the founder of Ambature, a nanotechnology company developing high-temperature semiconducting materials.

He's a Harvard dropout.

Corey Schwartz - Co-Founder & CEO

Schwartz has grown and exited from three companies: Programmer’s Warehouse (1995), Serinova Financial (Arizona’s 4th largest private mortgage lender), and the Serinova Mortgage Income Fund, where he directed legal, compliance & underwriting.

He exited the market prior to the crash and survived the great recession.

Corey is a graduate of Rutgers University with degree in Computer Science & Economics.

Sidney Fingerhut - VP, Investor Relations

As CEO of Fingerhut Enterprises, Sidney led the direct-to-consumer marketing conglomerate to an eventual $1.5 billion sale.

Manoj Andhappilly - CTO

Majoj was the first employee of Motif Investing.

He has 16 years of hard core development experience. He's an expert in Java and concurrent systems development.

He was formerly the Director of Engineering for oDesk and eLance.

Co-Investors