SAN FRANCISCO — Lenda, an online mortgage lender, said it had expanded into Michigan and three other states after a recent $5.25 million venture capital financing round.
The company had been active in California, Oregon, Washington, Colorado and Texas. Besides Michigan, it has now added Arizona, Illinois, and Pennsylvania.
Backed by technology that evaluates loan applications quickly, Lenda says it 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.
Earlier this year, Lenda closed a $5.25 million 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 software.
For more information on Lenda, visit www.lenda.com.