What is an iLender?
In a recent piece here on Millionacres, “How to Pay for a House in Cash — Without Having the Cash,” we highlighted start-up Accept.inc, which lets buyers who qualify for a mortgage submit an all-cash offer on a home.
The news about this fintech mortgage lender is that it just raised $90 million in debt and equity from SignalFire, Y Combinator, and DN Capital, which will allow it to both enter new markets outside of Colorado and double its team.
Another change is in how this company categorizes itself: Accept.inc is now defining itself as an iLender, or a technology-enabled lender, a whole new category in real estate technology.
How does an iLender work?
The way Accept.inc works is that, first, buyers get qualified using the Accept.inc platform. They can then shop for a home up to the amount they’ve been approved for. Once they find a home, Accept.inc buys it, closing within three days, and then sells the home to the homebuyer as soon as…