Vishal Garg lays out Better turnaround plan amid battle with board

Vishal Garg, the founder and former CEO of Better Home & Finance Holding Co., has unveiled a 90-day plan for the mortgage company as he seeks to regain a leadership role at the publicly traded lender, setting up a battle with Better’s current board over the company’s direction.Garg’s plan calls for Better to reach $2 billion in quarterly funded loan volume, a 25% increase from current levels, and to generate about $7 million in additional monthly revenue. He’s also targeting a reduction in monthly cash burn from about $4 million to zero.Garg said the $2 billion quarterly volume target represents Better’s breakeven point, and he estimates that the proposed initiatives would generate about $7 million in additional monthly revenue at a 35% contribution margin, including about $2.25 million in additional monthly contribution margin. Among the proposed actions is the launch of the CK HELOC through Better’s API-driven Tinman technology. Garg also said he intends to pursue five major partners that he said were in Better’s pipeline but had stalled amid the current management team’s plans for a standardized TinmanGo portal across partners. Garg shared his plan in a LinkedIn post on Thur...