Transaction Marks the First of $100 Million in Loan Sales Expected By Private Lender Pacific Private Money
Figure Technologies, Inc. (Figure™), a leader in transforming financial services through the power of blockchain technology, announced that Pacific Private Money and Saluda Grade have completed the first third-party trade on Provenance blockchain, demonstrating significant efficiencies in the $400 billion annual loan origination and trading process.
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“Our company is excited at the value creation that Provenance can deliver, and we hope to onboard our whole portfolio of alternative lenders to the platform.”
“This is a huge step forward for blockchain technology because we’ve once again demonstrated the speed and cost savings Provenance can bring to the asset origination and capital markets ecosystem,” said Mike Cagney, CEO and Co-founder of Figure. “We were able to execute this transaction instantly, not the 20 days it would have taken before Provenance, meaning we can drive significant cost savings and efficiencies across the entire $400 billion Real Estate Loan Market.”
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This is the first of a minimum of $100 million in loan origination and sales transactions that Pacific has committed to making on Provenance over a 12-month period. Pacific Private is currently onboarding all of its loans to Provenance via the newly released software development kit.
“The short duration transitional bridge loan market is the perfect asset class to benefit from Provenance’s operational efficiencies, as lenders like Pacific Private Money can digitally originate and quickly distribute loan production seamlessly to institutional investors,” said Ryan Craft, CEO and Founder of Saluda Grade. “Our company is excited at the value creation that Provenance can deliver, and we hope to onboard our whole portfolio of alternative lenders to the platform.”
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