Excelerate Capital is fast-tracking non-traditional mortgage lending, enabling more property buyers to achieve their dreams.
When Michael Thompson and Thomas Yoon set out to create a best-in-class customer experience for underserved mortgage borrowers and a working environment designed to attract and nourish the industry’s best talent, the world was a very different place.
In the 2010s, as the financial world began to recover from the Great Recession, options for non-traditional borrowers looking to finance a home or property purchase were slim to none.
After the subprime crisis, mortgage loans that conformed with the stipulations of the applicable regulatory agency (such as the FHA, for one) were viewed as the only loans worth pursuing.
Conventional mortgages tied to strict agency documentation and qualification standards, known as agency loans, were the only option. Borrowers with special circumstances, such as owning their own business, being a real estate investor, or being a retiree, were left out in the cold.
Today, Excelerate Capital is a full-service mortgage banker and industry leader in non-QM lending. They also provide a full range of agency conforming loans, including FHA, VA, Fannie Mae, and Freddie Mac programs. All credit decisions are made internally, and, according to their website, “As a Wall Street Direct Lender, our guidelines are tailor-made for the modern borrower and all the scenarios they entail.”
As Yoon put it, “We’re disrupting because we’re one of the early adopters, and we’re innovating in the space. That’s been our calling card: We innovate within the sector and help create trends. Fintech in our sector is really behind, simply because we were the ones that created the crash … we were treated like the plague for many years, so we’re behind other industries. But the fintech movement is real, and it’s happening in real time.”