Adobe Stock

Figure Technologies is launching its first lending product: the Figure Home Equity Loan. The company, started by former SoFi CEO Mike Cagney, intends to leverage blockchain, AI and advanced analytics to elevate the lending process, especially for home equity, reports HousingWire reporter Alcynna Lloyd.

The company said it plans to introduce home improvement loans, HELOCs and buy-lease back products for retirement and it just introduced its first product: the Figure Home Equity Loan. The loan allows homeowners to borrow from $15,000 up to $100,000 of their equity with loan terms ranging from five to 15 years and annual percentage rates that start at 5.99%. Plus, Figure waives the appraisal fee.

According to Figure, it is essentially a hybrid between a traditional home equity loan and a HELOC, because consumers have fixed rates and are given their funds up front.

To make the loan especially appealing, Figure is using its tech abilities to grant approval in five minutes and fund in just five days in a completely digital process. According to the company, Figure's loan offers homeowners comparably lower interest rates and monthly payments than they would receive if they took out a personal loan, and the process is simple. Borrowers just need to fill out an online form, select the desired loan amount and term and sign digitally.

Read More