Loans4Less.com is seeking a community bank or a direct lending strategic partner to launch a new retail mortgage broker channel serving all-states in Conforming & Jumbo home loans, with plans to implement a pilot program and incrementally roll out all-state origination starting in the western states and adding states accordingly.
On March 31, 2015 LFLS entered into an acquisition agreement with 321Lend, Inc., a fully integrated proprietary Consumer Lending and Peer-To-Peer Technology Platform. The transaction is subject to closing conditions and financing. At closing, 321Lend becomes a LFLS wholly owned subsidiary, which enables the combined company to originate both mortgages and consumer loans, build volumes, rapidly gain market share and develop new consumer loan brands using our portfolio of trademarks. However, due to recent new third party product offerings, Loans4Less.com is now evaluating the merits of a new cloud lending loan origination software suite that is built natively on salesforce.com as another practical 'white label' platform alternative. LFLS is in ongoing discussions with 321Lend to determine the best way forward.
WestPark Capital, Inc., a FINRA/SIPC member firm, was retained in December 2014 to source a strategic community bank partner and assist in capital formation and planning. Loans4Less.com has posted its 2014/2013 audited financial statements and intends to raise capital to effectuate its plans and become a fully reporting company.
Loans4Less® is a unique registered federal service mark, and the Loans4Less.com retail mortgage platform is a highly attractive brand which has significant potential for advertising mortgages and other consumer loans.
Forward-Looking Statements:
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "advertise," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in our annual report and/or other releases made by us. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Loans4Less.com, Inc. and/or its officers or directors undertakes no obligation to update such statements.
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