SAN FRANCISCO – (COMMERCIAL THREAD) –Figure Technologies, Inc. (Figure ™), a leader in transforming financial services through the power of blockchain technology, today announced that Pacific Private Money and Saluda Grade have completed the first third-party transaction on the Provenance blockchain, demonstrating gains Significant efficiency in the $ 400 billion annual loan origination and business process.

“This is a big step forward for blockchain technology, as we have once again demonstrated the speed and cost savings that Provenance can bring to the asset origination ecosystem and markets of capital, ”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, which means we can realize significant savings and efficiencies across the $ 400 billion mortgage market. dollars. ”

This is the first of a minimum of $ 100 million of loan origination and sales transactions that Pacific has committed to perform on Provenance over a 12-month period. Pacific Private is currently integrating all of its loans to Provenance via the new SDK.

“The short-term bridging loan market is the ideal asset class to benefit from Provenance’s operational efficiency, as lenders like Pacific Private Money can digitally generate and quickly distribute loan production seamlessly to investors. institutional, ”said Ryan Craft, CEO and Founder of Saluda Grade. . “Our company is excited about the value creation Provenance can offer, and we hope to integrate our entire portfolio of alternative lenders into the platform.”

Saluda Grade, an advisory and asset management firm specializing in the private non-bank real estate finance industry, purchased Pacific Private Money loans in their Lake Summit Alternative Loan Trust on behalf of third party investors. The transaction was finalized on May 1.

A holding company of Saluda Grade Ventures, Pacific Private Money has focused on leveraging institutional capital markets to increase their origination volume and investor base. Over the past year, PPM has experienced an annual growth rate of approximately 40% of its overall production for all business purposes and production of owner-occupied bridges.

“We couldn’t be more excited to be at the forefront of the future of asset origination and trading,” said Mark Hanf, CEO of Pacific Private Money. “Having been in the financial industry for years, it was exciting to see firsthand how this technology would transform financial products of all kinds, bringing speed and lower costs across the financial landscape.”

Provenance is the leading production blockchain for financial services, already with over $ 1 billion in assets created, maintained, funded, and now securitized on the blockchain platform. In March, Figure executed the first-ever loan-backed securitization issued, managed, funded and sold on blockchain. The collective blockchain benefit for parties over the loan lifecycle totaled over 100 basis points, representing a potential savings of over $ 30 billion in the annual 3 trillion securitization market. of dollars.

Provenance has now demonstrated more real use cases, using real capital and real financial clients to deliver real impact in more financial areas than ever before on blockchain. Learn more about www.provenance.io.

About the figure

Figure Technologies is transforming the consumer lending experience with the power of blockchain technology. Figure can accept loans from demand to finance in days, not the multi-week process traditionally offered. Their products eliminate tedious physical property assessments and inspections, require no paperwork, and offer five-star customer service. Currently, Figure offers HELOCs, mortgage refinances and student loan refinances and plans to continually expand its portfolio of financial products. Figure processes its loans through Provenance, the company’s proprietary blockchain platform that will soon also process loans from major financial firms around the world. The company was founded by serial tech entrepreneur Mike Cagney, who also founded SoFi and turned the company into a multi-billion dollar business under his leadership as CEO.

About Provenance.io

Provenance.io is the leading blockchain for the financial services industry. Provenance is in production today and used by a variety of financial institutions. The hash is the underlying token of Provenance and provides a means of distributing economics and governance. Provenance.io is administered by Provenance Blockchain, Inc., an entity that serves the convenience of Hash holders. Learn more about www.provenance.io.