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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