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Spruce announced a new integration with FlexClose, a warehouse financing service from FirstFunding. FlexClose Funding is a new process that enables certainty of funds, extended funding times and cost savings for both lenders and borrowers, according to a press release.
Traditionally, lenders use a warehouse facility with no relationship to the escrow company. As a result, loan funds must be sent through the Federal Reserve wire system and are subject to bottlenecks and delays, according to a press release. With FlexClose, Spruce is able to closely integrate the escrow process with the warehouse lender–allowing loan funds to move outside of the Federal Reserve.
"The integration alleviates much of the pressure that comes along with the closing of a purchase or refinance, adding more flexibility to an otherwise rigid process," said Nate Clear, National Sales Manager at FirstFunding.
Spruce has powered tens of thousands of transactions to date for proptech companies, lenders, and real estate investors nationwide, and is growing 450% annually, according to the release.