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.
