In March, Loans4Less.com, Inc. entered into an acquisition agreement with 321Lend, Inc. that was expected to make the fully-integrated consumer lending and peer-to-peer technology platform a wholly-owned subsidiary of Loans4Less. However, on Saturday, the company issued a statement announcing that it will no longer be pursuing the acquisition following the expiration of the original agreement on July 31, 2015.
Following this development, Loans4Less will once again turn its attention toward its primary operational objective: entering into a strategic alliance with a community bank to launch a national mortgage broker retail channel for conforming home loans. In the coming months, the company expects to initiate a partnership with a suitable banking partner prior to beginning efforts to raise necessary capital. Upon completion of these milestones, Loans4Less intends to become a fully reporting company, enabling it to uplist to the OTCQB Venture Marketplace.
In December, the company took a noteworthy step toward meeting its ambitious strategic goals through the execution of an investment banking agreement with WestPark Capital, Inc. In addition to providing guidance in Loans4Less’s search for a community bank partner, WestPark is expected to play a significant role in increasing the company’s brand awareness and raising working capital in the future.
By successfully launching its national mortgage broker channel, Loans4Less will be in a formidable position to capitalize on the recent performance of the national mortgage industry. According to a report by the Mortgage Bankers Association, mortgage origination volume increased by nearly 33 percent in the second quarter of 2015, as compared to the same period in the previous year. In total, approximately $395 billion of mortgages were originated during the quarter. For Loans4Less, this strong industry growth could foreshadow an opportunity to dramatically expand its national market share following the location of an appropriate community partner.
For more information, visit www.Loans4Less.com
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