Espresso Capital extends $5 million credit facility to Sales Boomerang
Owings Mills, Md. — December 03, 2020 — Espresso Capital announced today that it has provided Sales Boomerang, a leading borrower intelligence platform for mortgage lenders, with a $5 million credit facility. One of the fastest-growing private companies in the mortgage lending industry, Sales Boomerang will use the funds to support the company’s continued strong growth.
“After receiving offers from nine different potential financing partners, we’re excited to have closed this deal with Espresso,” says Sales Boomerang President and Co-founder Mark Cunningham. “It’s the first round of institutional capital that we’ve raised as a result of the overwhelming demand for our products. The attention we attracted from investors reconfirms the impact we’re making with our customers and the market that we serve.”
Sales Boomerang will use the funds to make strategic investments across its business. That includes increasing its number of sales development reps, streamlining its customer onboarding process, and enhancing its go-to-market strategy.
“Making investments like these will help more than double our client base, which in turn will have a transformative impact on our revenue,” says Cunningham. “That will help set us up to command a higher valuation should we look to pursue a private equity deal in the future.”
The mortgage lending industry is known for its exceedingly low average customer retention rate. Just 20 percent of borrowers return to their prior lender for their next loan, while the remaining 80 percent look elsewhere. Sales Boomerang helps banks, credit unions, and non-depository lenders overcome this challenge by building lasting relationships with their borrowers.
“The team at Sales Boomerang has built a great product and has seen some amazing, capital-efficient growth,” says Espresso Director Mark Gilbert. “We believe they are poised to really own the sales enablement space for mortgage lenders.”
“Beyond simply offering the best terms, the Espresso team is knowledgeable, very professional, and has the experience and expertise that you’d want in a strategic partner,” notes Cunningham.
About Sales Boomerang
Sales Boomerang revolutionized the relationship between a Mortgage Lender and Borrower with the introduction of the only automated Borrower Intelligence System in 2017, which tells lenders when anyone in their database is ready for a loan. Today, Sales Boomerang is the #1 Borrower Retention strategy in the industry and has discovered over $30B in new volume for Lenders. Sales Boomerang’s notifications are integrated with the best CRM/Marketing Automation Systems in the industry to provide a seamless experience for Lenders and Borrowers. Sales Boomerang’s employees are dedicated to improving the lending experience for Lenders and Borrowers, and united behind the ethos – No Borrower Left Behind™.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 275 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.
Head of Marketing, Espresso Capital