Lenda announced it is expanding into Oregon just one month after it moved into Washington, adding to its rapid growth in online lending.
The San Francisco firm was born in the heart of Silicon Valley by Jason van den Brand, founder and CEO of the company.
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 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,” he continued.
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.
While the company has experienced its share of industry backlash on how it chooses to do mortgages, it is faring well in the market, growing 25% month-over-month in the fourth quarter of 2014.