Property ManagementE-LOAN Back On Top With Two Lines of Credit
E-LOAN, Inc.
(Nasdaq:EELN), (www.eloan.com), a leading online lending company,
today announced 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.
"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," said Joe Kennedy, President and COO of E-LOAN.