Change: offered +700% / raised +700% / placed 100%
LoanTek re-opened and closed its unregistered equity offering after increasing the placement’s size from $125,000 to $1 million. It appears all the remaining $875,000 worth of securities were placed among the three investors that were already disclosed in Loantek’s filing a year ago. At the time they had invested $125,000 in the financing round. It took a little over a year for the offering to be fully subscribed and close. This is the first offering of unregistered securities under regulation D reported by LoanTek. Keiretsu Forum‘s NorthWest chapter is an early investor in the company.
The company developed and markets a platform designed for loan officers and loan origination leads. The marketing and pricing engine solutions include execution pricing, lead management, and client relationship management (CRM). The platform provides pricing for over one hundred and forty wholesale and correspondent lenders and integrates live pricing into a number of websites including QuinStreet, Zillow, Bankrate and LendingTree. Prices range from $79 for lead generation to $299 for the auto-quote product per month.
Adam Stein (President) leads the Nampa ID based company which was registered in 2013. LoanTek kept its revenues undisclosed.
The executive team includes Scott Marx.
The board of directors includes Ken Wiley.
Amount offered: $1 million
Amount placed: $1 million
First sale: 02-12-2013
Data as of: 03-20-2014