What would make a new customer come to Esquire? I'm sure there are a lot of customer acquisition strategies. If there are a few buckets without being exhaustive, I assume there's an outbound effort. Could you talk through what gets the pipeline built and why they ultimately choose to submit a loan application with Esquire?

Typically, loan escrow would be like 12%, 13%, 14%, revolver and term loan based on prime plus a spread. All in all, it's pretty meaningful. Private lenders or non-bank lenders participating typically have pricing close to the 20s, maybe high teens, low 20s. There's a significant cost savings.

Regarding competition, is there anyone else? When it's late in the stage and you're expecting the customer to move forward, is there often another competitor involved? Is there anyone you consider a true competitor to Esquire, or is there really no one else doing what they're doing?

My understanding is that there really isn't much competition. There are others on the margin that I mentioned, which are private companies. They're not banks, so they can't hold deposits. By their very nature, they have higher costs, but they can be more aggressive in other areas. If you need a larger loan than we typically provide, that's usually the only reason to go to them. Otherwise, we have a very high success rate. Once a loan application comes in and there's any interest, about 80% to 90% of the time, it becomes a loan within three to four months.