Jason van den Brand

We also have two applications out right now with different banks just to diversify our risk as a company.

um, to get additional lines of credit.

One is actually going to be locked up this month and that's going to be for another $4 million.

Uh, and another one that we have applications in with, and I've had coffees and lunches with all their people.

Um, that's another $10 million line.

So we'll be able to lend 18, 36, $54 million per month, um, by the end of this year.

We launched the MVP in October of 2013.

We're about to pass $70 million this month.

Yeah, we did just over a half a million dollars in revenue last year.

So we make a margin on the loan amount.

So...

If you take our average loan amount, $300,000, we make on average about one to one and a half percent of that as a margin.

That's our gross margin.

The person that buys the loan in the end is the one that ultimately pays it.

And I think like anything lending, it is ultimately the consumer that pays for it.

So the way it works in all lending is you have an interest rate on one side or column one, and you have a margin on the right hand side.

Now what's interesting about Lenda is we're a small team.

We're a team of 15 people here in San Francisco, and we're competing on, on cost and price against some of the largest lenders in the country, if not the world.

And we're beating them on price because those models they're built on telemarketing and loan officer centers where these guys are making these telemarketers and these loan officers are making one to one and a half percent in commission per loan.

Right.