For the second time this year, online mortgage lender Lenda is expanding.
Earlier in the year, the company announced that its service would now be available in Illinois, Pennsylvania, Michigan, and Arizona. Previously, the company operated in California, Oregon, Washington, Colorado, and Texas.
And now, Lenda is growing again, adding Virginia as its newest state.
According to the company, by adding Virginia to its previous states of operation, the company can 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,” van den Brand added.
This latest expansion comes after the company raised $5.25 million last year in its Series A round of funding, which was led by SF Capital Group, along with CreditEase Fintech Investment Fund and inside investor, Rubicon Venture Capital.
At the time, the company said that it planned to use the money to grow, and as van den Brand said, the company plans to keep growing.
Lenda claims that it can close loans in 17 days, nearly 3.5 times faster than the industry average of nearly two months by using proprietary technology to evaluate loan applications quickly.
The company also said that its customers have saved over $750,000 in fees and over $5 million in interest over the lives of their loans.