CommunityLend has closed a 1.5 million CAN$ private placement from several individual angel investors and an institutional investment fund. The proceeds of this private placement will go to scaling up loan origination, loan adjudication, and loan servicing operations, the company says, continuing:
This investment comes on the heels of a successful year since our launch as Canadaâ€™s 1st (and only) online consumer loan marketplace by CommunityLend Inc. Monthly loan volume has more than doubled each of the last 3 months and we are projecting this pace of growth to continue throughout 2011.
(Source: Communitylend blog)