Latest news with #MikeCagney
CNBC
18-05-2025
- Business
- CNBC
Figure HELOC review: Access funds in five days
Founded in 2018 by SoFi's Mike Cagney, fin-tech startup Figure is one of the largest providers of home equity lines of credit (HELOCs) in the U.S, with more than $14 billion lent to over 200,000 households. We love Figure's speed and efficiency: Customers can get approved in as little as five minutes and get funding in as few as five days. Figure also offers virtual closings in states where it's allowed. But some key facets differentiate it from a traditional HELOC, including its relatively short draw period and the fact that borrowers must withdraw their full line of credit at the time of origination. Apply online for personalized rates HELOC 5 to 30 years 670 Unlike a home equity loan, which is disbursed in a lump sum, a HELOC gives borrowers a revolving line of credit. You can make multiple withdrawals and only have to pay interest during their draw period, which is usually 10 years. A Figure HELOC, however, shares features of both traditional HELOCs and home equity loans: It has a significantly shorter draw period and borrowers must withdraw the full line of credit upon origination. (As you repay the initial withdrawal, however, you can make more withdrawals.) The benefits and drawbacks of a Figure HELOC Figure offers home equity lines of credit in all states but Hawaii. Unlike most HELOC issuers, Figure requires borrowers to take out their full line of available credit upon origination. You can make additional withdrawals if you make payments during the draw period. It also has a maximum draw period of 5 years, compared to the 10-year window most lenders offer. Figure typically requires borrowers to have: Unlike many lenders, who may offer a variety of mortgages and other banking services, Figure specializes almost exclusively on HELOCs. For that reason, it has a streamlined application and approval process: Borrowers can reportedly be approved in five minutes and receive funds in as few as five days. Customer service is available at 888-819-6388, Monday through Friday from 6:00 a.m. to 9:00 p.m. PT, and weekends from 6:00 a.m. to 5:00 p.m. PT. Figure earned an A+ from the Better Business Bureau, the organization's highest grade, based on transparency, truthful advertising and how it responds to consumer complaints. Here's how Figure compares to two major HELOC lenders. While TD Bank only offers HELOCs in 15 states and Washington, D.C., Figure makes them available everywhere but Hawaii. It also offers virtual closings, a feature TD Bank lacks. Apply online for personalized rates Conventional, VA, FHA, jumbo, construction-to-permanent, physician loans, TD Right Step, TD Home Access, refinancing, home equity loans Up to 30 years Not disclosed Options as low as 3% Terms apply. But TD Bank has more than 1,000 branches and will approve HELOCs up to $6 million. An online-only operation, Figure caps HELOC draws at $400,000. Figure also has a shorter draw period and requires homeowners to take out the full amount on their first withdrawal. TD Bank makes funds available for the typical 10-year window and allows users to take only what they need. Flagstar also has broader draw terms, with HELOCs ranging from $10,000 to $1 million. Fixed-rate and adjustable-rate available, apply online for rates. Conventional, FHA, VA, USDA, jumbo, renovation, Destination Home Mortgage, HomeReady, Home Possible, refinancing, ReFi Now, Refi Possible, HELOC, home equity loan 15-year and 30-year fixed-rate loans; 5-year, 7-year, 10-year intro period for adjustable-rate loans 620 for conventional, 580 for FHA, 600 for Destination Home Mortgage, 700 for jumbo loan 3% for conventional loans, 3.5% for FHA loans, 0% for VA, USDA and Destination Home Mortgage A full-service bank, Flagstar offers a 0.25% discount if you set up automatic payments from a Flagstar checking or savings account. Where Figure comes out ahead is in the approvals process: Flagstar requires a FICO score of 700 for a HELOC, while you only need a 640 to be approved by Figure. Figure doesn't have brick-and-mortar locations, so borrowers must visit the website and complete an online application to get preapproved. The process will not impact your credit, but you'll need proof of identification, bank statements, tax returns and W2s from the past two years, as well as the deed to your home and proof of homeowners insurance. Borrowers can get approved within five minutes and have their line of credit funded within five days, according to Figure, with a completely online closing process available where allowed. A HELOC from Figure is a good option if you need money quickly and appreciate the convenience of an online application and approval process. It's also worth considering if you have a less-than-stellar credit history, as its credit requirements are more flexible than many if you're looking for a longer draw period or larger loan limit, you may need to look elsewhere. Founded by husband-and-wife team Mike Cagney and June Ou in 2018, Figure is a legitimate fin-tech lender that has approved more than $14 billion in home equity for over 200,000 families. In addition, it's the No. 1 non-bank lender for HELOCs and earned an A+ rating from the Better Business Bureau. According to Figure, borrowers can be approved within five minutes and get funding in as little as five days. No, Figure only offers home equity lines of credit, not home equity loans or other mortgage products. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction. In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau. For home equity lines of credit, we consider credit score requirements and maximum loan-to-value ratio accepted, as well as draw amount options, draw and repayment periods and if the lender requires an annual fee.
Associated Press
14-03-2025
- Business
- Associated Press
Ionic Digital Reaffirms Commitment to Maximizing Stockholder Value and Opposes Self-Serving Agenda of Figure Markets and GXD Labs
AUSTIN, Texas--(BUSINESS WIRE)--Mar 14, 2025-- The Ionic Digital Inc. ('Ionic' or the 'Company') Board of Directors (the 'Board'), today issued an open letter to stockholders reaffirming its unwavering commitment to maximizing stockholder value, optimizing its Bitcoin mining operations, and providing stockholder liquidity by taking the necessary steps toward listing Ionic shares on a national securities exchange or engaging in complementary or alternative transactions. The open letter also provides context on the recent decision in the Delaware Court of Chancery (the 'Court') regarding the sharing of the Company's confidential stockholder list. The open letter can be read below: Dear Ionic Stockholders: The Board remains fully aligned with stockholders in our mission to maximize value and provide a path toward stockholder liquidity. By contrast, non-stockholders Mike Cagney, his company Figure Markets and a founder of GXD Labs ('GXD') are driven solely by their own commercial interests—seeking to have Ionic's stock listed exclusively on Figure Markets' unproven Alternative Trading System ('ATS') (thus making it the first security to list on Figure Markets' ATS) and pushing for lucrative management contracts to be awarded to GXD. These self-serving objectives do not align with the best interests of Ionic stockholders. To advance their agenda, Figure Markets and GXD have resorted to leveraging three record stockholders, Brett Perry, Veton Vejseli, and Christopher Villinger, to file lawsuits in their name aimed at obtaining access to Ionic's confidential stockholder list. The intent of Figure Markets and GXD is to use this sensitive information—including stockholder names, addresses, emails, and phone numbers—for their own commercial gain, including engaging proxy solicitors to advance their purported highly conflicted nominees, Michael Abbate and Oliver Weiner, to the Board. Their goal is clear: to extract financial benefits for these non-stockholders at the expense of the Ionics's actual stockholders. Delaware Court of Chancery Limits Access to Confidential Stockholder Information Ionic Digital is pleased that the Delaware Court of Chancery has recognized the Company's valid concerns regarding stockholder privacy. The Court issued a ruling on March 13, 2025, limiting Figure Markets' and GXD's access to the Company's confidential stockholder list. Additionally, the Court ruled that the Company has the right to seek legal fees from GXD due to its improper attempt to block Ionic from obtaining discovery, and the Board notes that any recovery of these legal fees from non-stockholder GXD will directly benefit Ionic's stockholders. Further, the Court determined that the parties will negotiate and submit for the Court's approval a confidentiality agreement outlining the restricted extent to which Figure Markets and GXD may access stockholder information. This outcome reinforces Ionic's commitment to protecting stockholders' personal data and ensuring transparency in the election of a director at the upcoming Annual Meeting. Annual Meeting Adjourned to Ensure Fair Process for Stockholders To ensure that stockholders have a fully informed and fair opportunity to participate in the corporate governance process, the Company's Annual Meeting—originally scheduled for March 17, 2025—will be adjourned without conducting any business until approximately 30 days after the Court of Chancery rules following an early May 2025 trial on several outstanding issues, including: (1) Plaintiffs' claim that the size of the Board of Directors should be held by the Court to consist of six directors, rather than the current five directors; (2) Plaintiffs' claim that certain nominees for election as director(s) of the Company's at the Annual Meeting should be deemed by the Court as having complied with the Company's Advance Notice Bylaws Section 2.4; and (3) Plaintiffs' claim that the quorum requirements at the Annual Meeting should not be set according to Bylaws but instead should be set by order of the Court. The Board looks forward to engaging with stockholders and demonstrating why its nominee is best positioned to enhance stockholder value, while making clear that the purported nominees proposed and acting on behalf of Figure Markets and GXD serve only the commercial interests of these non-stockholders, who seek to extract financial gain through lucrative service contracts at the expense of Ionic's actual stockholders. Ionic Digital remains steadfast in its focus on maximizing stockholder value, growing its Bitcoin mining operations, and achieving a national stock exchange listing or engaging in complementary or alternative transactions to provide liquidity for all stockholders. The Board will continue to act in the best interests of its stockholders and unanimously recommends stockholders to vote FOR Elizabeth LaPuma by using the WHITE proxy card to protect the Company from opportunistic efforts that could undermine its long-term success. Sincerely, /s/ Thomas DiFiore Director /s/ Scott Duffy Director /s/ Scott Flanders Director /s/ Elizabeth LaPuma Chair About Ionic Digital Ionic Digital is a prominent Bitcoin miner and emerging innovator in energy monetization. With facilities across the United States and a total capacity of 394 megawatts, Ionic expects to drive the next generation of energy efficient, low-cost computing through sustainable Bitcoin mining. The Company's strategic initiatives focus on operational efficiency, transparency, and securing long-term financial growth for its investors. For more information, visit and follow us on X at @IonicDigital. SOURCE: Ionic Digital Inc. Copyright Business Wire 2025. PUB: 03/14/2025 11:56 AM/DISC: 03/14/2025 11:56 AM
