LoanDepot, a Foothill Ranch, Calif.-based company that offers mortgages, home equity loans and personal loans, has raised $150 million in term debt financing.
The nonbank firm said Wednesday that it plans to use the new funding to invest in technology and product development, and to hold certain loans on its balance sheet. LoanDepot declined to say who is providing the funding.
"This deal confirms the strength of our business model and the positive momentum of our brand," Chief Executive Anthony Hsieh said in a press release.
LoanDepot, which was founded in 2009 as a mortgage lender, started offering home equity loans and personal loans last year. The firm says that it has funded more than $70 billion in loans since its inception.
LoanDepot postponed its initial public offering in November 2015 after determining that market conditions were unfavorable.