Mortgage settlement services firm FirstClose recently received a multi-million dollar infusion of capital from Dallas-based Cypress Growth Capital, a royalty-based growth capital investor.
The company says it will use the money to build resources in order to meet the growing demand for its FirstClose Report, which combines title, flood, valuation and other important data elements in a single report.
Proceeds are being allocated to sales and marketing initiatives, new hires, account management, leading-edge technology-focused initiatives and enhancements, vendor and LOS integrations, finance and accounting, the company says in a press release.
“We were impressed by FirstClose’s revenue growth over the last three years and the introduction of new, high value, technology-driven capabilities,” says Vik Thapar, partner at Cypress Growth Capital. “We’re proud to partner with an experienced management with deep mortgage industry knowledge and expertise.”
“This non-dilutive investment provides us with the right type of funding at the right time as FirstClose launches into its next phase of strategic growth,” says Tedd Smith, CEO of FirstClose. “We are experiencing consistent year-over-year growth with 62 percent revenue growth in 2017 alone.”
Westlake Securities served as financial advisor to the management team of FirstClose.
Last month, FirstClose reported that it had processed $7.1 billion in loans for its customers located in all 50 states since the beginning of 2017.
In addition, FirstClose has processed over 113,000 loan requests and its in-house valuation team has completed 10,275 desktop valuations.
The company credits this success in part to demand for its FirstClose Report.
To keep up with this growth, FirstClose recently expanded its team to include Karen Crow as senior account executive, Marie Gonzalez as account executive, Rebecca Black as account manager and Martha Bannerman as customer acquisition specialist.