Since inception in '08, we have originated $19 billion in loans, two-thirds of which were in the SBA 7(a) program. The pricing of our loans were considerably better with a net interest margin of just shy of 4%, as you can see, while the rest of the industry was nearly 100 bps lower at just under 3%. Almost half our loan portfolio is guaranteed at 44%, while the rest of the industry holds tight at a rounding error of 3%. In the past 10 years, we have averaged 30 bps of charge-offs, while all other SBA lenders report more than 10 times that at 4%. I am overwhelmingly proud of our lenders and credit folks who have chosen the right operators and entrepreneurs. That said, of the 16.6% 8.6% or 53% of the total were paying as agreed. Moving on to worst loans, loans on non-accruals were $16.6 million or 43 bps.
On roughly $7 billion in loans, we had $3.4 million of over 30-day past dues or just 9 bps. Are you at the tip of the spear at Live Oak Bank, your customers have no capital, are you worried? Let me answer that. Even today, the SBA has, you cannot find credit elsewhere tests.Īs interest rates rise and beating drones of pending recession get louder, we often have to answer the question. We had to prove we were the lender of last resort.
We had to get five declination letters from other banks before we can qualify the loan. In the late '80s, one of our banks and another company I started, made their first SBA loan. And now for some fun facts as we consistently and forever, concentrate on soundness, profitability and growth in that order. Lastly, our pipeline for proposal to close has increased roughly up from $1.5 billion in May of 2020 to a little over $3.1 billion today, again, an all-time high. We want the best lenders to know that we are coming to a town near you. The point is we have built a culture and a technology platform that is scalable in an industry that views SBA lending somewhere in between the Porter let of the banking business to just a side car to their other small business initiatives. In the 700-week contact that we currently have a pipeline in various phases of 168 folks, many are happy at their existing bank, and we want to stay in touch. There is a reasonable chance you've heard good things. If you are an SBA lender, there is a 100% chance you've heard of us. We will approach SBA lenders at an additional 25 banks in the next two weeks. Recently, we sent 700 emails to SBA lenders at 85 banks. On the lending side, we have added 10 new lenders this year that gives us a total of 30 generalists in 27 cities. And so far this year, we've added 3, bringing us to 17 in total. The bottom of this slide shows the growth in our vertical SBA lending units.
This slide highlights the organic growth in our lending business over the past 5.5 years. I am happy to learn from the Fiserv earnings call on Tuesday that the company for the second straight call puts Finxact's next-gen core processing system at the center of their future strategic plans. Huntley and BJ will have much to say about the Finxact sale to Fiserv. I am proud to report that Live Oak Ventures investments have continued to thrive and grow and seem to have dodged the downturn at least for now. Clearly, the most recent correction in the capital markets has led to deterioration in the valuation of nascent fintech companies. As always, we will discuss the quality of our loans and will reflect on this volatile rate environment and its effect on SBA loan premiums. Over the next few slides, we will discuss our mission to extend our nationwide government-guaranteed lending platform and how that effort has led to an all-time high pipeline. For today's agenda, I'm going to kick things off with a few overarching comments before repeating our normal quarterly cadence of BJ reviewing our financial performance and Huntley highlighting our operational priorities. Let's move to Slide 4 to kick things off.
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