SAN FRANCISCO, March 8, 2018 /PRNewswire/ — Lenda, a leading online mortgage lender, today announced that its services are now available in Virginia. This announcement follows news of Lenda’s expansion into Illinois, Pennsylvania, Michigan, Arizona and, most recently, Florida and Georgia. The company will now serve customers in 65% of the mortgage market.
“With spring home buying season right around the corner, it’s important for prospective homeowners to have an easy-to-use platform that will fund their loans while saving them considerable time, and quite honestly, headache,” said Jason van den Brand, Co-Founder and CEO, Lenda. “Currently available in 12 markets spanning the country, with additional markets coming soon, Lenda’s technology streamlines the antiquated process many have become so accustomed to and funds loans hassle free.”\
Powered 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 as few as 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 mortgage 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 lifetime 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.