Loans4Less.com (LFLS)

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LFLS Reports Select Audited Financials 2012

Loans4Less.com, publicly traded online mortgage loan brokerage focused on becoming a national loan origination platform, announced certain audited financial results for the year ended December 31, 2012.

Total revenues for 2012 increased by approximately 64% compared to 2011. The company also reported the payoff of $98K in revolving debt from free cash flow, which made a significant improvement in Loan4Less.com’s balance sheet. According to today’s press release, the Annual Report 2012 will be posted in due course.

Loans4Less.com believes the mortgage origination market will stay very active this year even though lender underwriting standards are enabling only best credit quality borrowers to close on their loans. The current mortgage market mainly consists of Fannie Mae/Freddie Mac Conforming fixed rate refinancings.

Steven M. Hershman, Chairman & President, stated, “Purchase activity is gaining traction with mortgage rates still very low. Loans4Less.com sees highly favorable market conditions as a catalyst for ongoing significant improvement in our business growth and future expansion. We are developing an all-state mortgage loan origination platform for joint venture and/or licensing partners in order to brand and expose Loans4Less.com as a national site for loan products and earn revenues from these ventures.”