‘TurboTax of Mortgage Refinancing’ Closes $30 Million in Loans Since October, Growing 25 Percent Month-Over-Month
SAN FRANCISCO (Feb. 25, 2015) – Lenda, the only web-based platform that allows homeowners to complete a mortgage refinance completely online, announced today its expansion from California and Washington into Oregon. The company, which eliminates the middleman in the mortgage refinancing process -- like TurboTax does with tax filings -- to complete loans faster, without paperwork and for less money, also announced that it closed $30 million in refinancing loans since October.
Lenda’s expansion into Oregon comes just one month after its expansion into Washington. The company also recently graduated from San Francisco-based technology incubator 500 Startups and raised $1.8 million in seed funding to support the company’s growth into new markets and to further simplify the application and closing process for customers.
“Lenda’s expansion and the fact that we’ve been able to close $30 million in loans so quickly is a testament to our disruptive technology that eliminates the middleman,” said Jason van den Brand, founder and CEO of Lenda. “And, judging from the recent IPO’s of Lending Club and OnDeck, which eliminate the middleman for personal and small business loans, respectively, there is proof that consumers are ready for an alternative online lender in the mortgage space. We’re thrilled to now be operational in California, Washington and Oregon, and look forward to expanding into additional states throughout 2015.”
By bringing the entire process online, Lenda has the ability to close loans nearly three-times faster -- in 25 days, on average -- and between .125 to .25 percent less on interest and APR than the traditional process. The company’s platform, which educates its users throughout the entire process, also has licensed representatives available for homeowners who prefer to have any questions answered by phone. When compared to big banks, Lenda’s clients, on average, have saved $5,300 in up-front fees and .25 percent in interest rates. Looking at total savings, Lenda’s clients have collectively saved about $465,000 in fees and $1 million in interest over the lives of
With growth of 25 percent month-over-month in the fourth quarter of 2014, Lenda has plans to expand into three additional states by the end of the first quarter of 2015 and across the country by the end of 2016. The company, which has the financial backing of prominent VC’s including Winklevoss Capital, Tom Fallows of Google Shopping Express, Structure Capital and China Growth Capital, also has plans to expand its offering into purchase loans and continue to reduce the amount of time it takes to complete a refinancing, with goals of having it done online in seconds.
For more information about Lenda, please visit www.Lenda.com.
Lenda is a first-of-its-kind platform that allows homeowners to complete their home loan online from start to finish. The software enables homeowners to compare loan options, complete their application, e-sign disclosures, securely upload their documents, and lock-in their rate. This saves time and money, eliminates confusion, and provides a happier mortgage experience. For more information about Lenda, visit www.lenda.com.
Epic Client Service is the Standard
Our motto is "From quote to close, we'll be with you every step of the way." Just because we built technology that does a majority of the heavy lifting in getting a mortgage doesn't mean we skimp on client service (we leave that to the big banks). We focus on providing Epic Client Service. We'll bend over backwards to help our clients get the loan they need as quickly as possible.
You can reach us by live chat on the website, sending us an email or giving us a call. Either way you'll be communicating with a real person who's soul mission is to help you get the loan you need. We'll do everything we can to help you and we'll be honest about what we can and can't do from the start. No nasty surprises later in the process.
We are extremely excited to be helping clients in Oregon and we invite you to reach out to us any time if you have questions. If you're curious about what we offer then we encourage you to get your custom rate quote today. Just remember, at Lenda, a great rate is just the beginning.