July 8, 2019
Buying a house is stressful. And one of the most nerve-wracking parts of home buying is getting a mortgage. The paperwork, the wait, the uncertainty, the reliance on unknown lenders, all add to the anxiety and tension. But home buyers take heart, now there is Neat Capital, a digital platform that is changing the way to get a mortgage.
Justin Carmichael, Director of Mortgage Lending at Neat Capital in Westport, explains, “Neat has changed the process and experience for the homebuyer. We can do in 48 hours what banks and other lenders take 30-45 days.”
Neat Capital’s proprietary digital lending platform streamlines and automates the mortgage process, and is completely transparent. Neat’s platform bests other online lenders because it takes you through the application and approval process in about 48 hours rather than days. “Online lenders that have become popular recently have focused solely on making the application process shorter, not the underwriting,” says Carmichael. “Their applications may take only 5 minutes, but people still have to submit a lot of documentation and paperwork, and the acceptance process still takes a month or more.”
Neat Capital uses the latest in technology to create a more substantive, transparent application process that takes about 25 minutes. The application still requires documentation of things such as such as income, money in your bank accounts, credit reports, etc, but many of them can be digitally linked. Once submitted, however, the platform takes the data, analyzes it and gives people an answer within 48 hours. According to Carmichael, the average time from application to closing the deal with Neat Capital is 13 days.
“We are putting the power of mortgage lending into the hands of homeowners,” says Carmichael. “Neat’s platform lets them know up front all the information that is needed, and identifies possible trouble areas immediately so there are fewer headaches and unexpected issues and delays.”
Neat Capital was founded in 2015 in Boulder, Colorado. It now has offices in Colorado, San Jose, California and Westport. Neat is licensed to lend in eight states, including Arkansas, California, Colorado, Connecticut, Florida, Maryland, Texas and Washington, as well as in Washington D.C. While Neat specializes in jumbo loans for more complex, high-end buyers, many of whom are self-employed, there is no specific buyer profile that the company is looking for. The vast majority of Neat Capital’s business comes from referral, either via real estate agents, financial advisors, attorneys or past clients.
Since opening in Westport in January, 2018 Neat Capital has become more involved in the area community, recently participating in neighborhood clean up efforts in Westport and Norwalk, and sponsoring local Farmers Market programs for example. Neat also offers an affinity program for small and medium businesses to offer to their employees as a benefit.