Lendia Receives Venture Capital Funding.Investment Means Faster Expansion for Outsource Solutions Provider MARLBOROUGH Marl·bor·ough or Marl·bo·ro A city of east-central Massachusetts east-northeast of Worcester. Settled in 1657, it was nearly destroyed in 1676 during King Philip's War. Population: 38,100. , Mass. -- Lendia, Inc., an outsource solutions provider to financial institutions that originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. residential mortgages, has received a significant minority investment from 1848 Capital Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The funds will allow Lendia to accelerate its expansion strategy and hire additional staff to handle the growing demand for outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services. "This infusion of funding will allow us to focus on developing an even stronger infrastructure on which to build our outsourcing services," said Greg O'Connor, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Lendia. "The principals at 1848 Capital saw that we have a strong business strategy that is more proactive regarding the evolution of the mortgage industry. We are excited about their faith in our company and we are looking forward to a prosperous relationship." Lendia, which has focused on business on the East Coast, plans to increase it business by more than 100 percent by the end of the year. Accordingly, the company plans to increase its staff for processing, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , closing and funding tasks, as part of Lendia's comprehensive outsource solutions (COS) approach that manages loan operation functions after origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real . "We were impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the level of detail and thought Greg and his team has put into their business approach," said James Driscoll, partner and managing director of 1848 Capital. "We only invest in efforts we believe will improve business processes and be around for the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. . Lendia also has a proven track record with several companies that makes us even more comfortable with our new relationship." 1848 Capital Partners is a private equity firm based in Miami. The principals of 1848 have successfully invested in a range of industries, including restaurants, pre-paid calling cards, themed attractions and other business services. Lendia is dedicated to improving the way the mortgage industry does business. From offering outsource solution services to funding loans, Lendia offers originators the components to build a successful business. "Loan originators have to be focused, especially in today's market," O'Connor said. "Our services, process and people offer loan originators the flexibility needed to ensure their business remains competitive." About Lendia, Inc. Based in Marlborough, Mass., Lendia, Inc. is an outsource solutions provider that started as a broker in 1999. Lendia's comprehensive outsource solutions (COS) suite includes the people, the process and the technology to provide a complete origination-to-close support system. This approach was designed to meet the needs of anyone in the financial industry who originates mortgages. The company supports business partners on a variable cost basis, enabling them to better manage overhead during peak and valley origination levels. These partners can then afford the ability to make focused investments in additional revenue-generating activities. For more information on Lendia, please contact Greg O'Connor, 508.368.7902 or greg.oconnor@lendia.com. |
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