LendingUSA Secures $60 Million in Funding from CapitalSource
SHERMAN OAKS, Calif. (PRWEB) December 12, 2017 -- LendingUSA, a leading point-of-need financing company, has announced that it has secured a $60 million credit facility on November 22, 2017. The funding allows LendingUSA to continue the rapid growth of its portfolio of consumer loans in specialty industries, including cosmetic surgery, dental care, chiropractic, pet, and funeral services. The investment was provided by CapitalSource, a division of Pacific Western Bank, and a provider of commercial lending and banking solutions.
Founded in 2015, LendingUSA specializes in helping businesses offer financing to their customers. Using next-generation underwriting techniques, the company can pre-approve applicants in seconds, giving enrolled merchants the ability to provide their customers with quick access to financing that easily integrates with their existing point-of-sale.
“LendingUSA is appealing for investors because it successfully combines the traditional characteristics of lending companies with the opportunities offered by new technology and emerging markets,” says Ron Oertell, Chief Financial Officer of LendingUSA. “Our exciting growth so far shows that there is a need for a new approach to consumer financing, and LendingUSA has been responsive to that need, both online and at the physical point-of-sale.”
The company has grown dramatically since its founding, assisted by its ability to identify and enter new and unique markets with a strong need for financing. In June 2017, LendingUSA became the first financing solution to be officially endorsed by the National Funeral Director’s Association, the world’s leading and largest funeral service association, and a source of expertise and professional resources for all facets of funeral service. Additionally, the company received an endorsement from the American Academy of Cosmetic Surgery in 2016.
“We look for a number of factors in a financing company, including solid underwriting, a strong potential for growth, and an experienced senior management team”, says Jaime Caruso, Director of Capital Source’s Lender Finance Group. “LendingUSA has exceeded our expectations in each one of these areas.”
LendingUSA operates nationwide, with the exception of Connecticut, New Hampshire, New York, West Virginia and Vermont. Loan amounts range from $1,000 - $35,000. Its executive team and advisory board is comprised of former leaders from financing companies including LendFoundry, LendingPoint, and more. The company’s current President is Mike Testa, former President of CareCredit.
About LendingUSA
LendingUSA’s mission is to create lasting business partnerships by providing innovative point-of-need financing solutions for the important moments in life. It offers financing for consumers in specialty markets including the elective medical industry, dental care, pets and pet care, and more. They are committed to creating the best point-of-need consumer financing experience available, using a proprietary lending solution that leverages both traditional and next-generation underwriting and fraud detection techniques to approve loans as quickly as a few seconds. LendingUSA works closely with its merchant partners, providing the tools and training they need to easily and efficiently maximize customer financing approvals and grow their business. For more information, visit http://www.lendingusa.com.
Scott Spivack, LendingUSA, http://www.lendingusa.com, +1 (800) 994-6177 Ext: 544, [email protected]
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