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Elio Mortgage launches with $5.1M to expand licensed operations and hire loan officers
HousingWire reports Elio plans to roll out nationwide licensing and recruit loan officers as it grows its brokerage business.
Elio Mortgage has launched with $5.1 million in preseed funding led by Motive Partners and Social Leverage, according to HousingWire.
The company said the money will be used to continue product development, expand its licensed mortgage operations nationwide, and recruit loan officers as it grows its brokerage business.
HousingWire also reports that Elio is building an AI-native mortgage platform designed to manage the origination process across multiple stages of the workflow, rather than focusing on individual parts.
Elio was co-founded by Oren Michaely, who previously worked at Microsoft and served as director of AI at Motive Partners, and Arad Lev Ari, who has experience in real estate investing and investment banking at KKR and Deutsche Bank.