This Startup Wants a Stake in Your Home, Poor Credit No ProblemBy
Company giving homeowners cash for share of property’s equity
Point Digital is backed by Greylock Partners and Vikram Pandit
Nicole Bennett wanted to pull cash out of her house in Antioch, California, to reduce a growing mound of debt. When Bennett’s mortgage lender, Wells Fargo & Co., refused the social worker because her credit score was too low, she turned to a technology startup called Point Digital Finance Inc.
In October, Bennett got the almost $40,000 she needed to pay down debt that was costing her more than $1,900 a month in car, personal-loan and credit-card payments. In return, Palo Alto, California-based Point — which is backed by investors including Greylock Partners, Andreessen Horowitz and Vikram Pandit, the former chief executive officer of Citigroup Inc. — wanted to own a piece of her property…
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