IRVINE, CA—loanDepot says it closed $150 million in term debt financing earlier this month. The company intends to use the proceeds to further its core business activities with continued investments in technology and product development, and to leverage its balance sheet to hold certain loan assets.

“Capital investment in consumer lending and in the mortgage industry is very tight and highly selective,” says Anthony Hsieh, chairman and chief executive officer at loanDepot. “Investors are interested in category leaders with scale who succeed in all credit cycles. This deal confirms the strength of our business model and the positive momentum of our brand. It also signals the competitive advantage loanDepot has in accessing capital in today's market as we pursue our long-term growth strategy.”

As the nation's second-largest nonbank consumer lender, loanDepot heads into the second half of 2016 with second-quarter fundings reaching nearly $10 billion in home, personal and home equity loans. Total fundings for the first half of 2016 are up 16% compared to the same time last year. The number of loans funded by loanDepot in the first six months of 2016 increased by 33% compared to the same period last year, further demonstrating the value of the company's personal loan platform and cross-selling opportunities between loan products.