John Paasonen is forgoing the usual startup table tennis for a downtown office building with a bowling alley.
Paasonen, CEO of mortgage software startup Maxwell Financial Labs, said he and his employees moved into their new digs in the DC Building at 518 17th St. last week.
Paasonen said the company’s lease at the DC building is for 2,000 square feet, an upgrade from its previous 1,200-square-foot office in LoDo at 1624 Market St.
“We were outgrowing the other space,” said Paasonen, 39. “We are a team of 17 now. We’ll probably be in the 20s here in the next couple months.”
Maxwell had five employees this time last year. Paasonen chose the DC Building, which Seattle-based Unico Properties bought in 2015 for $30 million, for its location and easy access to public transit.
“We’ve got a lot of great amenities,” he said, including the two-lane bowling alley and entertainment center, where Maxwell already has hosted an event for its clients.
Sam Devorris with Ecospace represented the company.
Maxwell, a 2016 participant in Boulder’s Techstars incubator, raised $3 million last fall. Investors included London-based Anthemis Group, Virginia-based Route 66 Ventures and New York-based Assurant Inc.
The startup makes software for mortgage loan officers helping homebuyers secure a mortgage. Maxwell allows the parties to swap financial and personal documents – such as W2s or bank statements – digitally.
Paasonen said its technology can shorten the average mortgage process from 51 days to 26. Maxwell recently helped an officer close a loan in nine days, he said.
“Today, it costs a mortgage lender over $8,000 to originate a mortgage,” Paasonen said. “We believe well-designed software is a big answer to the problem to create a mortgage experience that’s simple and delightful.”
Now, the startup sells its subscription-based software to 120 mortgage lenders nationwide, and Paasonen plans to hire more employees in sales, engineering and marketing.