Loan Auction Website Gets More VC Money

Published October 05, 2009, 1:00 p.m. EDT

1 Min Read

LoanMarket.net, Irvine, Calif., has received more investment capital including a commitment from Bill Cvengross, a founder and former chief executive at bond fund Pimco. According to LoanMarket.net principal Jeff Freud, other recent investors in the loan auction website include Richard Conn, a former equity partner at Latham & Watkins, and Bob Allison, a venture capitalist from Orange County. Mr. Freud declined to say how much money the men invested in LoanMarket.net. "They've invested in the company and are taking an active role in it," said Mr. Freud. The website currently has 600 loans listed for auction with another 1,000 or so ready to board, said Mr. Freud. Buyers of the loans must pay cash.

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