When the Columbus Crew announced in 2015 that their stadium would be named after Spanish insurance company Mapfre, fans might have wondered “Mapfre who?”
“Yes, people might be wondering: who the hell is inferior? ”, Said Dan Snyder, founder and CEO of the company, before Tuesday’s press conference announcing the partnership.
“We’re the best kept secret in town.… This Crew Stadium announcement is our go-out party.”
The Lower may not be well known, but unlike Mapfre, it is grown locally.
How Lower.com started in the Columbus area
Snyder founded the company in December 2018, about four years after starting mortgage company Homeside Financial.
While at Homeside, Snyder saw the need for a full online service for potential buyers who don’t know where to start.
“Our mission is to help people who want to build wealth by accessing homeownership,” he said.
The result is Lower, which the company presents as a one-stop-shop for buyers and owners. Lower provides mortgages and insurance to homebuyers and connects homebuyers with real estate agents.
In addition, the company offers mortgage refinancing, a savings program for those trying to build up a down payment, and advice for those considering a purchase. Snyder plans to add more items to the menu, such as a larger network of real estate agent partners and more financial services.
“Anything that makes it cheaper and easier for a buyer to get a home, we want to offer them,” he said.
Lower is similar to SoFi and Rocket Mortgage and has carved out a niche for itself
The company says it can provide many of its services at a lower cost than traditional businesses, in part because it does not operate physical sites.
Snyder said the service is particularly appealing to young buyers who don’t mind going with a traditional lender and want a variety of services in one place. He compares Lower to SoFi or Rocket Mortgage, two fast growing web companies that provide a variety of financial services, including mortgages and refinances.
Lower has quickly carved out a niche in the crowded real estate financial services arena. In just over two years, the company claims to have received more than 140,000 loan applications and funded more than $ 2 billion in loans.
From eight Homeside employees in a temporary office in Easton, the business has exploded to nearly 1,000 employees at Bob Evans’ former headquarters on Smith’s Mill Road in New Albany, which Lower revised this spring in a millennial-friendly cradle, complete with pool and shuffleboard tables, televisions, coffee bars, hair salon, cafe and sofas.
One of Columbus’ “Best Places to Work”
The company was named the best big place to work by the CEO of Columbus this year.
The company’s annual revenue has reached around $ 300 million, which is big enough for the company to go public, Snyder said. He nevertheless said he plans to develop it further before going public, which he says is “100%” in the company’s plans.
“Our goal is to be the No. 1 lender in the country,” he said.
The decision to partner with Crew is a big step forward in expanding the reach of the company. Terms of the naming rights agreement were not disclosed.
“Very few companies manage to name a stadium, let alone a brand new one, in their hometown,” Snyder said. “This is a once in a lifetime opportunity.”
Each week, the company adds a few dozen employees, which is one of the reasons for Crew’s affiliation: the company is eager to make itself known among potential employees.
“After that we hope to have more,” Snyder said. “We are on a recruiting wave.”
Team co-owner Dee Haslam and team sales manager Steve Lyons described the team’s partnership with Lower as a perfect match.
“We share the same goals… an upward trajectory,” Lyons said at Tuesday’s press conference.
The deal calls for Lower’s name to be displayed in six locations around the stadium, including the roof. With an opening day just 2.5 weeks off, it’s a tight schedule.
“Please God get at least one entry by July 3,” Snyder joked.