LoanSnap CEO and founder Karl Jacob, right, with investor Sir Richard Branson | Karl Jacob/Facebook
LoanSnap CEO and founder Karl Jacob, right, with investor Sir Richard Branson | Karl Jacob/Facebook
Housing is hot right now and so is Denver, so LoanSnap, a technology startup company, has launched in the Mile High City, which has “one of the largest and fastest-growing housing markets in the U.S,” the company said in a recent news release.
The COVID-19 pandemic and the “work from anywhere reality” has driven many technology workers to move from the San Francisco Bay area to Denver. Also people are moving from the East Coast to Denver to enjoy outdoor recreation, LoanSnap said.
LoanSnap uses artificial intelligence to analyze a customer’s financial condition in seconds and help them obtain mortgages and home equity loans while guarding against “dumb loans."
"Expanding into Denver was a no-brainer for us," Karl Jacob, CEO and founder of LoanSnap, said. "Buying or refinancing a home is one of the most important financial transactions you make in life. Our mission is to help as many Denver families as possible enjoy peace of mind and financial stability, which is why we are so excited to extend our footprint to the half a million households in Denver.”
The median price of a single-family house in Denver is $510,000, LoanSnap said. There are 3,000 single-family homes listed for sale in Denver, a record low. The previous low was 5,693 in September 2017, according to the Denver Metro Association of Realtors.
“The company uses artificial intelligence to analyze a consumer's finances, show them where they are losing money and then sorts through thousands of options to make a recommendation in seconds,” LoanSnap said. “By automating much of the loan process, it is now possible to close loans in just 15 days or less, providing a service much easier on the customer and with peace of mind that they will lower their payments and get the cash they need quickly.”
LoanSnap has raised $31 million in venture capital from investors including former NFL quarterback Joe Montana's Liquid 2 Ventures, Richard Branson's Virgin Group, and MANTIS, the venture capital firm founded by the Grammy Award-winning pop duo, The Chainsmokers.
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