REDONDO BEACH, CA--(Marketwire - Oct 15, 2012) - Loans4Less.com, Inc. (OTC: LFLS) is pleased to announce certain preliminary financial results for the third quarter ended September 30, 2012.
Preliminary results indicate that revenues for the third quarter of 2012 increased by approximately 56% compared to the third quarter of 2011. Third quarter net income is expected to be 437% greater compared to the same period a year earlier. A significant improvement in the balance sheet is also anticipated. The complete 2012 third quarter financial results will be posted in due course. E&OE.
Q3 2012 Income Statement versus Q3 2011
30,550,000 versus 31,155,000
3,157,981 versus 2,115,078
Loans4Less.com views the mortgage origination market as staying very active for the remainder of 2012 even though lender underwriting standards are enabling only best credit quality borrowers to close on their loans. The current mortgage market mainly consists of Fannie Mae/Freddie Mac Conforming fixed rate loans for refinancings.
Steven M. Hershman, Chairman & President, stated, "Purchase activity is gaining traction with mortgage rates at record lows. Loans4Less.com sees highly favorable market conditions as a catalyst for ongoing significant improvement in our business growth and future expansion."
Loans4Less.com, Inc. (www.loans4less.com) is a publicly traded online mortgage loan brokerage focused on becoming a national loan origination platform for standard "A" paper conforming residential mortgage programs. Loans4Less.com maintains an A+ TrustLink rating with the Better Business Bureau; provides very competitive rates, terms & costs, daily rate updates, and other market information; and prides itself on excellent and honest service. Loans4Less.com does not operate a warehouse line of credit, hold trust funds, lend directly or service loans and is not exposed to the risks and/or problems associated with Sub-Prime or Alt "A" lending. Loans4Less.com relies on various wholesale lenders for its retail home loan programs. The main focus is to rapidly grow gross revenues via smart and cost effective advertising, licensing and or third party agreements that effectively build the Loans4Less brand name in order to maximize shareholder values.
For more information please contact Chairman & President Steven M. Hershman at www.loans4less.com or (310) 540-0157 Ext 103.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in our annual report and/or other releases made by us. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Loans4Less.com, Inc. undertakes no obligation to update such statements.