IRVINE, Calif., June 28, 2011 Tech Coast Angels (TCA), the largest angel investment network in the U.S., today announced it led the investment in LendAmend LLC, the industrys leading online platform that streamlines the amendment process to improve efficiency and provide administrative support and compliance monitoring to the $1 trillion leveraged loan market. TCA led the funding round which raised $750,000 in Series A Preferred Units. LendAmend is based in Los Angeles, Calif. and the web-based solution provides workflow automation tools, enhances compliance, eases administrative burdens and adds critical transparency.
“Over the last twenty years there has been a major reshaping of the financial landscape in the U.S. and overseas. 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 with an advanced solution that improves efficiency and compliance, reduces administrative costs and adds valuable business analytics, said Doug Swets, the lead TCA investor in LendAmend. “The development and management team behind LendAmend has over 35 years of experience in the financial services market in the U.S. and Europe, so the company offers a unique combination of industry expertise and ground-breaking technology.
Registered members of LendAmend include CLO managers, banks, hedge funds, insurance companies, asset managers, mutual funds and other institutional investors in the syndicated bank loan market. LendAmend delivers a sophisticated SaaS platform that facilitates voting and submission of electronic signature pages and provides transparency, compliance and communication solutions for the leveraged loan industry. LendAmend offers a wide range of workflow solutions including:
• Secure PIN-based electronic signature pages
• Custom compliance reporting tools that allow compliance officers to monitor and control access to material non-public information (MNPI) and document communication processes as required of Registered Investment Advisors
• Streamlined communication settings that facilitate internal communication integrated with communication environments that connect lenders of record
• Enhanced visibility into the status and likelihood of passage of an amendment
“Up until now, the process has been manual, cumbersome, non-standard and rife with opportunities for errors. 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. We can process virtually any syndicated loan amendment in the market. Our services are beneficial to lenders, agents and borrowers and improve the entire process.