Our latest statistics and plans for June at CommunityLend
At the close of another week I thought we would share some of the recent activities and what is keeping us busy. The big news that we spoke of in our last newsletter is that we now have an institutional lender on board and that means we are now filling loans. So now we are actively seeking new borrowers to keep our new lender busy. Feel free to tell your friends.
In terms of volumes, at the end of May we were closing in in $2 million loan demand. The even better news is that the our story is spreading and borrowers who meet the CommunityLend criteria are applying and telling their friends. later this month we will begin posting the statistics on loans that are going active and we hope that will encourage even more borrowers to give us a try.
We are also busy making adjustments to the system to improve the flow and make it easier for borrowers to get through the process without interruption or offline process. We are seeing some people get all the way through as quickly as 8 minutes. We have a target and more plans to get that down to 2 or 3.
Part of the plan includes a new method of bidding for our lenders and that helps borrowers by making it much clearer for their opportunity to get their loan filled and at what rate.
Finally we would like to make it dead simple for friends and relatives to inform each other about CommunityLend and expect some changes there too.
All in all a busy month and more to come. Let us know what you think if you have friends or relatives who would like a better borrowing alternative, please send them to communitylend.com.
