California-based mortgage startup Nexera Holding has reached $100 million in fundings.
Nexera, which was started by former GMAC President Steve Abreu, reached the milestone just six months after it began operations, the company said in an email.
The Emeryville, Calif.-based company describes itself as "a 90% outsourced mortgage bank." Nexera uses on- and off-shore vendors to perform most tasks, which it says allows it to remain consistently priced when funding loans to brokers and consumers.
"This allows us to load balance as rates change without having to carry extra staff in a rising rate environment and have to hire in a rally," Abreu said in the email. "We do not have to change our margins to slow up business or increase business."
The company operates two business lines: newfi and Bluestream lending. Newfi is a direct-to-consumer channel, while Bluestream is Nexera's wholesale division.
