E-LOAN, Inc., (www.eloan.com), an online lending company, announced April 3 that it has secured a new $25 million auto line of credit with a major national bank. The line of credit is available for borrowings for interim financing of auto loans prior to sale to E-LOAN's lending partners. The line of credit expires April 1, 2002.
Separately, the company announced that Chris Larsen, chairman and CEO of E-LOAN, has provided the company with up to $7.5 million in a general line of credit. This line of credit strengthens the company's working capital access and provides additional fiscal flexibility to fully take advantage of the opportunities in front of it, according to Joe Kennedy, president and COO of E-LOAN.
"With the current refinance boom and burgeoning consumer adoption of online lending across all of our business lines, including auto and home equity, securing the auto and general lines of credit provides strong working capital access, which better positions E-LOAN for rapid growth," Kennedy said.
About E-LOAN, Inc.
E-LOAN, Inc., an online lending company, offers consumer loans and debt management services online at www.eloan.com.
E-LOAN offers a choice of products from many lenders for mortgages, home equity loans, auto loans, credit cards and small business loans in a secure online environment, combined with personal service from loan consultants.
Through the fourth quarter of 2000, E-LOAN originated more than $3.7 billion in consumer loans.
The company's loan processing centers are located in Dublin, Calif., and Jacksonville, Fla. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.
