LoanDepot Closes $150M Debt Transaction

Online lender LoanDepot has raised $150 million in term debt financing as part of its capital strategy.

The transaction closed Aug. 9, the Irvine, Calif.-based company said in a news release Wednesday. LoanDepot plans to use the proceeds for investments in technology and product development and to boost its balance sheet leverage for certain loan asset holdings.

"We'll continue reinvesting back into our platform in a variety of ways, including technology, the customer experience and product development," LoanDepot Chairman and Chief Executive Anthony Hsieh said in the release.

"Working capital and liquidity are essential for today's nonbank lender, and only available if you have scale, a solid track record and a great reputation," he added.

Last November, LoanDepot canceled an initial public offering after the likely market price for shares dropped below the target the company had set. The company had aimed to raise as much as $510 million.

LoanDepot operates two retail lenders, iMortgage and Mortgage Master, along with LDWholesale.