Neat Capital
Describe the problem that you're solving in one sentence
- Stage Full Product Ready
- Industry Fintech
- Location Boulder, CO, US
- Currency USD
- Founded February 2015
- Employees 13
- Incorporation Type C-corp
- Website neatcapital.com
Company Summary
Neat Capital will deliver a faster, cleaner, and more efficient online mortgage experience and provide an efficient marketplace lending platform to connect investors directly to borrowers. By bringing innovations to improve the value delivered to borrowers and investors, Neat Capital will become a leader in the industry.
Competitive Differentiation
Neat Capital’s technology is designed to deliver a cash-like financing experience—after automatically underwriting a loan, Neat Capital issues an iron-clad financing commitment which enables a buyer to make a far more competitive offer on a home with no financing contingencies. We complete the underwriting process in the first 48 hours and accelerate the closing cycle from a nationwide average of 50 days to only two weeks, significantly compressing cycle times for realtors and enhancing confidence in closing for both the home buyer and seller.
Operating Profile
Like other online marketplace lenders, Neat Capital can significantly streamline costs, shaving as much as 200 to 300 bps from the organization’s operating expense ratio compared to a traditional lender. Eliminating paperwork in the process significantly expands loan capacity per employee in sales, processing, and underwriting functions; we project expense reductions per loan originated of $1,593 as compared with industry peers.
Scale & Financial Projections
Neat Capital expects strong financial returns and growth to $4.6 billion in annual originations and $80 million in revenue within five years, which we see as a baseline given platform scalability; management is looking to expand offerings to reach $25 billion in this time period. Break-even cash flow is within 1.3 years. Baseline projections yield a 39x cash on cash return, and an IRR of 109%, requiring capture of 1.3% of the jumbo market within five years of our go live date.
Team
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Founder & PresidentLuke brings extensive experience in the mortgage industry, and has advised many of the largest residential mortgage originators and RMBS issuers in the US. In addition, Luke brings leadership experience in growth strategy and corporate development having completed greenfield investments, acquisitions, and turnarounds in the US, Latin America, and Europe.
(MBA with honors, UC Berkeley & BA in Finance, Tulane University)
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Product Development & Customer AcquisitionTom brings notable start-up experience, private equity experience, and sales experience in loan origination. With $0.5 billion in mortgage originations, Tom is consistently ranked in the top 1% nationwide, which provides the client facing experience useful in developing a strong sales force.
(BS in Accounting, Minor in Finance, Fairfield University)
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Capital MarketsEmily currently provides hedging, pricing, and mortgage analytics services for dozens of originators, effectively managing an origination pipeline exceeding $5.5 billion. Her background in trading and analysis in the structured finance industry provides excellent user context for building a P2P platform.
(MBA, Georgetown University & BS in Finance, University of Minnesota)
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CTOSteve’s prior start-up experience includes founding experience at Indiesew and work as a fellow at both Revolv and Access Venture Partners - a Colorado based venture capital firm. Steve’s extensive software development experience extends to the automobile industry where he worked on some of the first self-driving automobile features.
(MBA, University of Colorado Boulder & BS in Electrical Engineering, Kettering University)
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General CounselNicole oversees legal, regulatory, and corporate matters at Neat Capital. She is an experienced executive who has advised startups and other private and public companies on legal affairs, operations, fundraising, M&A, and business strategy. Her legal career spans 12 years of consistently delivering measurable results to position companies for sustainable growth.
(MBA with Honors, UC Berkeley, JD, UVA & BS in Biology, Tulane University)
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Developer -
PresidentRyan Brennan oversees the company’s loan trading subsidiary, Whole Loan Solutions. Ryan is an experienced entrepreneur, and has expertise in portfolio management, trading, and capital markets. Ryan’s experience includes working on a proprietary RMBS trading desk at Merrill Lynch, building a whole loan acquisition vehicle at a bank, and launching a company to advise jumbo mortgage industry participants on capital markets activities.
Advisors
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