Reaffirms Commitment to Helping Save Consumers $50 Million in Auto Loan Payments in 2021
(Englewood, CO, August 13, 2021) – iLending, a national leader in automotive refinancing, announced today that it has raised an additional $35 million through a transaction led by First Eagle Alternative Credit, LLC. This new capital follows iLending’s announcement in May that J.C. Flowers & Co. has taken a majority stake in the company.
“This new capital, on top of our recent investment from J.C. Flowers, is a strong signal of confidence in our proven business model, strong balance sheet and leadership team,” said Tom Holgate, CEO of iLending. “We have already begun building out both our management and sales teams, and we will remain vigilant for opportunities to grow the business.”
iLending’s auto refinancing platform, available in all 50 states and Washington, DC., handles the entire loan process, including finding the best rates, paying off the previous lender and re-titling the vehicle. iLending saves consumers an average of $144 a month on their car payments through direct relationships with credit unions and other lending institutions that ensure consumers have access to the best available rates.
Mr. Holgate added, ““We estimate that one in four auto loans are overpriced, meaning consumers are often paying more in interest than they should be based on their current credit profile. This presents a tremendous market opportunity for iLending. With our network of lenders, the Company is well positioned to lead the market and help consumers refinance their loans and save money.”
The Company has substantially ramped up hiring to help support its growth, including hiring additional senior-level executives, expanding its Austin, Texas office, and developing near shore partnerships. iLending also plans to open a new office location this fall.
Founded in 2006, iLending is the national leader in car refinancing, saving consumers an average of $144 month in car payments. Through a best-in-class process and strategic partnerships with credit unions and other financial institutions nationwide, iLending offers terms that consumers cannot find on their own. iLending exist to empower better financial lives by reducing burdens and improving peace of mind. www.ilendingdirect.com
About First Eagle Alternative Credit, LLC
First Eagle Alternative Credit (https://www.feac.com/) is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms. First Eagle Alternative Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC.
About J.C. Flowers & Co.
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $16 billion of capital, including co-investment, in 58 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, market infrastructure and exchanges, specialty finance, and services and asset management. With approximately $6 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, please visit www.jcfco.com.
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Renee D. Brown, Chief Marketing Officer