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Big Hitters Back $50 Mil Funding Package to MortgageRamp

CHARLOTTE-A consortium of venture capitalists, led by Banc of America Mortgage Capital Corp., is betting the seven-month-old, locally-based online firm will emerge as the leader in a fiercely-competitive industry.

By Alex Finkelstein | Updated on November 27, 2000

CHARLOTTE-Only seven months old with $120 million of loans already on the books, locally-based MortgageRamp’s presence in the fiercely-competitive online commercial mortgage business has climbed another notch with a second-round financing award of $50 million.

A consortium of venture capitalists, led by Banc of America Mortgage Capital Corp., is betting the seven-month-old financial services firm will emerge as the leader in a sales-sensitive industry that is seeing several firms on the selling block and older competitiors such as Redbricks and CapitalThinking already out of the arena.

“What we think we are doing differently is providing a combination of the technological and the personal approach,” MortgageRamp CEO Michael H. Greco tells GlobeSt.com. “We recognized early on that the world isn’t really ready yet for 100 percent cyber loans.”

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