According to NetBanker, Lending Club has a $500,000 per month burn rate. That is lower than my earlier estimation my estimate of the monthly cash burn rate delta due to the quiet period. As some of the commentators on my site mentioned, it seems to have been reasonably easy for Lending Club to find other lending institutions to extend the loans to cover the gap during the quiet period. The error in my estimation was further compounded by the Lending Club loan volume significantly dropping during the Quiet Period despite the fact that Lending Club offered to keep funding all loans meeting the requirements.

Since I do not want to read through the entire filing, I will defer to NetBanker… Per NetBanker’s analysis of the S-1, the S-1 filed includes among other things the following interesting pieces of information:

$6.4 million of the loans made through the platform have been to “retail lenders” and not peer funded. Later in the S1, Lending Club discloses that it has funded $7 million of the $15 million loaned through the platform as of March 31, and then $1.6 million of the $3 million loaned after March 31. That leaves Lending Club holding $8.6 million of the $18 million loaned through the platform.

More filing statistics are available at NetBanker. Those stats include:

• Of the $18 million in loans funded through the site, $8.6 million were funded by Lending Club.
• Lending Club spent $1.8 million spent on marketing. $270,000 was advertising.
• Lending Club had 150,000 website visitors in the month of March, 2008.