LendingTree, Inc. (TREE), an online loan marketplace, has acquired a patent for its online lending process and the technology it has developed to allow Internet users to receive competing offers for loans from several lenders via the World Wide Web.
In a prepared statement Doug Lebda, LendingTree’s founder and chief executive officer, says: “We’re very pleased that our innovation in the online lending arena has been a useful, well-received tool that has enabled consumers and Lenders to connect over the Internet. This patent further validates the uniqueness of the LendingTree exchange model and our differentiated value proposition for both consumers and Lenders.”
For first quarter 2002 LendingTree’s revenues increased 74 percent of the same period last year to $21.3 million while net losses decreased 72 percent to $2.8 million. Shares of TREE ranged in price from $3 to $15.99 during the past 52 weeks, and recently traded near $12.70. The company’s market capitalization totals $258.4 million.
LendingTree Web site: www.lendingtree.com
