Lenda Announces $5.25M Series A Round
SAN FRANCISCO, CA, Lenda, a online mortgage lender, has raised $5.25 million in Series A financing.
Lenda, a leading online mortgage lender, today announced it has expanded into several new markets, including Illinois, Pennsylvania, Michigan and Arizona. The expansion, which follows a recent $5M capital raise, increases the company's presence from being active in California, Oregon, Washington, Colorado and Texas. With the expansion, the company will now serve customers in 54% of the digital mortgage market.
"Today, customers are looking for an alternative to the antiquated status quo they've become accustomed to when it comes to home loans. Why walk into a bank or deal with your realtor's broker when you can get a loan from your couch without the hidden fees?" said Jason van den Brand, Co-Founder and CEO, Lenda. "With our market expansion into several key states, we're excited to deliver our platform to customers so they can have their loans funded expeditiously, without hassle."
Backed by proprietary technology that evaluates loan applications quickly, Lenda closes loans nearly 3.5 times faster than the industry average. Loans through Lenda can be completed in 17 days as opposed to the industry standard, which is typically a two month close time. Lenda's digital loan officer model enables the company to save on costs tied to the traditional loan officer model, passing the savings directly on to the customer - approximately $409 a month in loan repayments. Collectively, Lenda's customers have saved over $750,000 in fees and over $5M in interest over the lives of their loans.
Earlier this year, Lenda closed a $5.25M Series A financing led by SF Capital Group, with additional investors including CreditEase Fintech Investment Fund and inside investor, Rubicon Venture Capital. The funding was allocated towards driving continued growth, filling key management positions and increasing investment in the company's innovative software platform.
For more information on Lenda, please visit www.lenda.com.
Lenda is an innovative platform that allows homeowners to complete their home loans online from start to finish quickly, efficiently and securely. Through a savvy combination of being a direct lender with proprietary technology, the company has streamlined the mortgage application process, saving customers time and money. At Lenda.com, customers can find out if they are pre-approved and get accurate, real-time mortgage rate quotes. Lenda's industry-experienced home loan advisors support customers through the digital refinance or loan process by providing any needed advice, guidance and reassurance for an honest, seamless experience. Visit Lenda.com for details.
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