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CapitalSource Provides $60MM in Growth Capital to LendingUSA

December 12, 2017, 07:44 AM
Filed Under: Lender Finance

LendingUSA, a point-of-need financing company, has announced that it has secured a $60 million credit facility from CapitalSource, a division of Pacific Western Bank, and a provider of commercial lending and banking solutions. 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.

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.

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