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Dublin, Calif.-based E-Loan Inc. (EELN) is teaming up with Charles Schwab & Co. Inc. (SCH) to offer online loan services via Charles Schwab's Web site. The deal will put E-Loan in touch with the holders of Schwab's 3.7 million online accounts, representing $349 billion in customer assets.
E-Loan has also announced that The Charles Schwab Corp., Abbey International, FT Ventures, Benchmark Capital, and Technology Partners have agreed to acquire equity stakes in E-Loan for a total of $40 million in cash. According to E-Loan, the proceeds will be used for working capital and general corporate purposes.
"In choosing E-Loan to be their mortgage provider, Schwab has recognized the strenth of our customer-focused model," said E-Loan CEO Chris...