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Tech Coast Angels leads investment with LendAmend

Irvine-based investment network ushers in funds for a banking industry online platform.

By Karly BarkerPublished: June 29, 2011 01:08 PM

Tech Coast Angels (TCA) announced to that it led an investment in LendAmend LLC.  LendAmend is an online platform, based in Los Angeles, that streamlines the amendment process, provides administrative support as well as compliance monitoring to the $1 trillion leveraged loan market.

“Over the last twenty years there has been a major reshaping of the financial landscape in the U.S. and overseas,” said Doug Swets, the lead TCA investor in LendAmend. “Major lending markets that were once served exclusively by banks are now being funded by a variety of non-bank financial entities. In addition, technology advances have not been reflected in operating practices in the syndicated loan market. LendAmend addresses both these developments.”

TCA led the investment round which raised $750,000 in Series A Preferred Units. Registered members of LendAmend include banks, hedge funds, insurance companies, asset managers, mutual funds and other institituaional investors in the syndicated bank loan market.

“Our innovative solution delivers and enforces a workflow process to improve efficiency, compliance and transparency, and prevents manual mistakes,” said Matthew Cornue, partner, LendAmend. “Our solution is quickly gaining market traction and our current registered members control over $100 billion in loan assets under management.

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