Virtuallender.com, Inc. (OTCBB:VLDC)
Company Contact:
Carol Pizzo, President
583 San Mateo Ave
San Bruno CA 94066
1-877-462-9378
virtuallender.com
OTC BB: VLDC Fiscal Year End: 3/31
Shares Outstanding: 18.9M Public Float: 2 M
Revenue:
1999E: $ 5.7 M Market Cap: $ N/A
2000E: $ 37 M 52 Wk. Range: $ N/A
Virtuallender.com, Inc. is one of the first publicly traded companies engaged primarily as an Internet based electronic mortgage lender. The company plans to capitalize on its history as a successful mortgage lender to become the preeminent online mortgage lender. The company has recently merged with a publicly traded national real estate marketing company in order to increase their lead generation and take advantage of the U.S. capital markets. With the vast capitalization potential of having publicly traded equity, and their past success as a traditional mortgage lender, Virtuallender.com, Inc. plans to eclipse their competitors with a combination of superior capital, service, experience and functionality.
Virtuallender.com has assembled an executive team that brings together more than 61 years of combined lending experience, and is currently licensed to originate retail mortgage loans in California, and commercial loans nationwide.
Unique Lending Strategy
Virtuallender.com has the unique ability to provide its customers with financing as a mortgage banker (funding loans directly) and as a mortgage brokers (referral to other investors such as Headlands Mortgage Co. (HDLD), Provident Financial Group, Inc. (PFGI), and Downey Financial Corp. (DSL)
The company plans to further enhance their business model by participating in the origination of conforming and non-conforming (sub-prime) loans through its on-line strategy and establishing a wholesale subprime lending platform.
The company hopes to take advantage of all of the advanced technology available to provide their online clientele with electronic mortgage loan applications and processing. Users, therefore, will be able to "pre-qualify" for their mortgage electronically; further enhancing the company's claim to superior service and functionality.
Virtuallender.com, Inc.'s business model will offer complete loan services and other home purchase related services through strategic affiliations.
Financial Highlights
The online mortgage lending industry is experiencing astounding growth due to the convenience that it provides for purchasers as well as homeowners seeking to refinance their existing mortgages.
According to Forrester research group, online mortgage originations totaled approximately $265 million in 1997 and should reached $725 million in 1998; a 174% increase! Further, analysts project that on-line mortgage lending will constitute anywhere from 10% -25% of the entire mortgage market by 2003, which represents $91 billion and $250 billion respectively.
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