Proptech provider Spruce [1] has announced an integration with FlexClose, a warehouse financing service from FirstFunding [2].
FlexClose Funding [3] is a new process that enables certainty of funds, extended funding times, and cost savings for both lenders and borrowers. Through FlexClose, Spruce can closely integrate the escrow process with the warehouse lender—allowing loan funds to move outside of the Federal Reserve—resulting in longer business hours, lower risk, and reduced cost to lenders. In turn, settlement agents close transactions faster, while borrowers can avoid delays.
"FirstFunding is dedicated to being a valuable and forward-thinking funding partner," said Nate Clear, National Sales Manager at FirstFunding. "We're excited to work with Spruce and their tech-forward platform to reduce risk, save time, and lower costs and risks for lenders and borrowers alike. 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."
Spruce also recently announced SprucePowered [4], a title and closing services solution that enables proptech companies to form their own title agencies and control the entire transaction experience end-to-end.