LendFriend expands into a booming Texan market

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In addition to sales staff, the company is looking to hire loan assistants, processors and operations staff, Eric added. He noted that LendFriend’s dynamic allows the company to grow even as others lay off staff.

“LendFriend has a lot of valuable props that typical mortgage companies don’t, especially local lenders,” Eric said. “Local lenders are well known enough for just being ordinary retailers like ‘hey, I can help a real estate agent take care of his business and his clients. LendFriend is a hybrid model, so we’re creating business avenues direct to consumers where we generate a lot of online leads – our online presence is very strong – and so we engage consumers and help them directly.We also have a retail division which is very strong on its own.

He added: “We are all about reciprocity with our referral partners. Because we are very good marketers and able to generate leads, we bring leads to our realtors and builder partners and are able to offer a different level of value compared to lenders typical locals in particular. Where most real estate agents will say they’ve never received a lead from a referral partner, they’ve been nurturing business for a year, or two years, or five years, or a decade. Mike and I can basically get to a point where for any number of deals that a realtor can do with us – obviously we have to be careful there – we can give deals back to the community and referral partners who feed us. It’s a unique added value that allows us to keep growing even when times get a little tough. We are a purchase-based business, so our business volume helps 90% of people find new homes, and the majority of that business is here in Austin, TX.

His brother echoed similar sentiments: “The interest rate market has the ability to dictate how many mortgage lenders operate. We built an environment isolated from that. This allows us to not really let the interest rate market dictate whether or not we will increase volume or have a down month.

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