iBuyer startup Opendoor launching new home loan program

Opendoor, an instant-homebuying startup with a valuation of $3.8 billion, is moving into lending.

The company announced its newest program, Opendoor Home Loans, on Thursday, promising it would make the process of securing a mortgage quicker, simpler and more transparent.

Through the Opendoor app, consumers can determine if they pre-qualify for financing, regardless of whether they planned to buy a property through the iBuyer or in the wider market. Opendoor buys homes from individuals and flips them after completing renovations.