Hello Wefunder Community!
Here's a quick update on revenue and growth:
2024
Loan Volume Revenue
$8,727,732 $74,663
Q1 2025
Loan Volume Revenue
$3,531,647 $71,750.81
***If rates don't go up this year*** we're expecting substantial revenue growth in the latter half of the year when home buying season happens.
Q2 & 3 revenue updates should be exciting.
Agent Channel
Our agent channel continues to drive revenue and we've partnered with many new agents who are winning bids because of our low rates, outstanding service, and ability to close fast.
We just partnered with a top producing agent, who owns her own brokerage that has multiple agents working for her. This agent has her MLO license and is listing it with our company so that she can get compensated for all the mortgage business she and all her agents send us. This is a big deal.
We just onboarded a team of 8 agents in Florida, some of which are getting their MLO license so that they can get comp'd for referrals they send us.
Indiana Market Director, Brittany Percival, continues to quickly expand the Indiana market and generated $2,440,185 in loan volume in Q1 this year. This is remarkable considering the beginning of the year is usually slow.
Key Partnerships
We just partnered with a non-profit that helps first-time homebuyers with down payment assistance (DPA) programs. This non-profit generated $200M in loan volume last year and is a MAJOR player in Indiana and Illinois. They're also expanding their service to other states and opening more counties now.
Thank you Dave Phelps for the introduction to them: btw!
This is a big partnership where two mission driven companies are in complete alignment to make homeownership more accessible and
affordable for everyone.
We're also in process of auditioning for an Indiana bank that is shutting down their residential lending division due to the cost. They currently do about $100M in volume but haven't invested in technology or processes, and are way behind everyone else.
They're going to be trying us out, and, assuming we impress them, will be sending us more of their business as it's phased out.
We're building a model for this bank that we'll be able to take to other similar banks in certain markets.
All in all, this and the non-profit partnership are potentially game changing things for us.
New Loan Options
We onboarded about 10 new lenders and have access to the nation's leading ultra-low rate and $0 down mortgages. We have a loan for just about anything, except USDA, which will be coming online this year.
Our Successful Go-to-Market Strategy
Our first two strategies (SEO and social media marketing) failed. The third one didn't.
This has always been a long-game for us, and just as Uber did, we're following a similar GTM strategy with our fees.
We are keeping our fees as low as possible right now so that we can:
- Continue to gain market share
- Beat other lenders rates
- Introduce our brand to new markets
After we've establish a dominate market position we'll raise our fees. While other brokers are almost 3%, we're at 2% on most loans. Our customers have constantly shopped us and gone with us because our rates and service is much, much better than anyone else.
Development
We'll be pushing out a development update on the Q2 update, and, as of right now, are still on track to complete development for a single user by the end of the year.