You Won’t Believe How He Made $70m In Loans to Small Businesses

Jason Van den Brand

In Episode # 220, Nathan welcomes Jason van den Brand, owner of Lenda, to the podcast. Lenda is a financial services company that lets people refinance their mortgages with greater ease. Listen as Jason shares his company’s astounding start and explains how Lenda is removing the financial middlemen to give their clients more value.

Famous 5:

  • Favorite Book? – Traction: Get a Grip on Your Business (Nathan uses Audible to listen to books on the road)
  • What CEO do you follow?— Elon Musk
  • What is your favorite online tool?—Slack
  • Do you get 8 hours of sleep?— No
  • If you could let your 20 year old self know one thing, what would it be? —At the end of the day, it’s all about the network so don’t worry so much about your GPA. Go and meet more people.

Time Stamped Show Notes:

  • 01:20 – Nathan’s introduction
  • 01:30 – Nathan welcomes Jason van den Brand
  • 02:20 – Jason’s take on the Quicken Loans Controversy
  • 03:34 – About Lenda
  • 03:45 – If you go online today, your mortgage is going to end up looking like a big giant stack of paperwork
  • 05:10 – “We are an automated underwriting process so we’re predicting what kind of documentation you’re going to need to qualify for the home loan.”
  • 06:28 – Loan servicers
  • 07:04 – Wells Fargo
  • 07:34 – Loans split up after they transmit it
  • 09:27 – We are moving toward servicing our own loans, “Momentum is King! (Click here to grab the exclusive shirt – only 10 available!)Momentum_MTee_grande
  • 10:28 – Currently raised about $3.8M
  • 11:02 – Warehouse Line of Credit
  • 11:20 – We hold our loans for 6-7 days before they get sold off to the final investor who will actually service the loan
  • 11:56 – $25M pipeline
  • 13:36 – Almost $70M loans passed from October 2013 to January 2016
  • 13:50 – How much money Lenda made in 2015 and how did you do it? -$500,000 – we make a margin on the loan amount
  • 15:39 – Because we’re building technology, we don’t have loan officers in our model
  • 16:50 – Continuously practice vertical integration
  • 19:50 – This business model is going to work because it eliminates middle men, and when you do that, you eliminate costs
  • 21:05 –@vandenTweet

3 Key Points:

  1. The mortgage industry as it exists today is a dinosaur.
  2. When you use technology to replace middlemen or redundant people you cut costs dramatically—that savings can be passed back the consumer.
  3. We can make this business model and completely remove all the middle men in the transaction

Resources Mentioned:

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