Loans4Less Seeks Growth Through 321Lend Acquisition

Loans4Less.com in Redondo Beach, Calif., has agreed to buy consumer lending and peer-to-peer technology platform 321Lend, one of the steps the mortgage originator has taken in its efforts to grow.

Following the sale, 321Lend will be a wholly owned subsidiary of Loans4Less.com. This will allow Loans4Less.com to originate both mortgages and consumer loans, build volumes and gain market share, the company said in a March 31 news release.

The deal is subject to closing conditions with a Loans4Less private placement securities financing.

Additionally, Loans4Less.com announced in the same release that it has hired investment banking and securities brokerage firm WestPark Capital as an advisor as it seeks a strategic community bank partner.

Currently, Loans4Less.com operates as a California online mortgage originator and relies on wholesale lenders for its retail home loan programs.

Loans4Less.com also said that forming a partnership will also help build and expose its brand name, maximizing shareholder value. Altogether, the company said it approached these strategies in an effort to rapidly grow its revenue.

For reprint and licensing requests for this article, click here.
Originations Consumer lending Wholesale lenders Mortgage technology Consumer direct
MORE FROM NATIONAL MORTGAGE NEWS