Why We Founded STEM Lending

Perspectives

Why We Founded STEM Lending

STEM Lending founders: Shantanu Sharma (left) and Hakim Thompson
STEM Lending was founded out of a realization by Shantanu and Hakim that Millennials majoring in Science, Tech Engineering & Math (STEM) were being underserved in the lending market.

Research has consistently shown strong future earning potential of STEM majors, and yet current credit scoring methods hurt Millennials, due to their thin credit history.

Hakim and Shantanu are themselves Millennials and worked together at Goldman Sachs, with Hakim specializing in Mortgage Finance and Shantanu in Technology.

We both had stressful experiences when seeking loans, which left a lasting impression on us. At MIT, Hakim saw classmates arriving from Spain, Italy, and Russia who already had Masters and PhD degrees, and still found it was next to impossible to get a loan at competitive rates. As an immigrant STEM PhD student at UNC, Shantanu had a difficult experience getting a loan with his thin credit history in the US.

As a first time home buyer, Hakim was shocked to find that his mortgage application and closing process required detailed mortgage knowledge, something most first time home buyers would not have. Between the pre-approval, full application, appraisal, inspection, title search, comparing rates, and getting the final commitment, his entire mortgage process lasted over two months!

STEM Lending was founded to address these inefficiencies in providing better rates to creditworthy borrowers, and to also streamline what is a broken and grueling user experience today.

In the US, a quarter of homebuyers are unhappy with their mortgage lender and the disappointment is even worse for first-time homebuyers. Getting a loan shouldn’t be confusing, shouldn’t require you to manually negotiate with multiple lenders and brokers, and it shouldn’t take that long. Today’s borrowers demand speed, efficiency and a transparent experience – that’s what STEM Lending is committed to provide.

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