Hi japhyr,

As of today, we've funded 5812 loans and have 4757 registered borrowers, so the majority of loans we've funded have been first loans. That said, we have almost no registered borrowers without loans. We don't have precise data but I would estimate over 95% of borrowers go on to raise additional loans after their first is repaid.

The reason for the high proportion of first loans is that our growth has accelerated in the past several months, and most of this growth has been a result of admitting new borrowers. We expect the large majority of these new borrowers will go on to raise multiple loans, as has historically been the case.