Loansnap.Com Announces Ownership Reorganization and Expansion
Consolidation of Ownership through Stock Buy-back
FOXBORO, Massachusetts - November 27, 2007 - Loansnap.com, Inc. today announced that after months of negotiations, Loansnap.com has agreed to repurchase the stock owned by both Michael Greeley and Stephen Tomaselli, two of the company’s original founders and shareholders. As a result of this transaction, Loansnap.com, Inc. will be equally owned by the two remaining shareholders, David Martinelli and Robert Simone. The newly-structured company will now move forward with a truly unified vision of Loansnap.com’s sales plan, and all shareholders agree that the transaction is in the best interest of all parties and Loansnap.com, Inc.
Robert Simone, Loansnap.com’s CIO and co-founder when asked about the departure of Greeley and Tomaselli stated, “Both Michael and Stephen contributed to the success that Loansnap.com has enjoyed since we founded the company together in 1999. Their individual decisions to leave Loansnap.com and pursue other interests were personal ones and reflect their desire to take on new challenges outside of Loansnap.com. Both David and I support their decisions, and Loansnap.com has agreed to repurchase of their stock by the corporation. Michael and Stephen will be missed. All of us at Loansnap.com wish them well and thank them for their years of service, dedication and contributions. We part as friends and share great memories of growing a successful and wonderful company together.”
David Martinelli, the current executive vice president in charge of retail mortgage sales, will become Loansnap.com’s new president and continue to focus on expansion of Loansnap.com’s products and market. David commented that he has great respect for both Michael and Stephen and acknowledge their considerable contributions that made Loansnap.com one of the strongest mortgage brands in the region. David stated, “Stephen and Michael assisted me with my own career development at Loansnap.com which led to my equal participation as part of the ownership team in 2006.”
Martinelli and Simone uniformly affirmed that under their ownership, Loansnap.com will stay true to its founding principles and continued focus on regional service to their mortgage clients. Simone stated that, “Loansnap.com’s strategy as a committed regional mortgage company is incredibly successful because we continue to see that the average person wants to deal with local mortgage experts when making such a large and important financial decision as a mortgage. Being informed of all their options when it comes to finding the right mortgage is just one of the ways that Loansnap.com has always kept our customers best interests as our principal goal.” Simone further said, “If you focus on people’s needs instead of just profits, you’ll typically never have to worry about making money. Loansnap.com is financially successful and continuing to grow because we provide great service to compliment our competitive rates and loan options.”
When asked how Loansnap.com will continue to grow its market share, Martinelli stated, “Now more than ever, consumers recognize that all lenders offer the same basic rates and programs. What separates Loansnap.com from our competitors is our absolute dedication to a fantastic customer experience and value.” Further outlining the company’s immediate growth plans Martinelli said, “We continue to hire smart and ethical mortgage advisors who truly become community assets. We’ve added three new Loansnap.com branches in 2007 to the local Massachusetts market, and have agreements in place to open another three branches in the first half of 2008. We’re poised to continue our growth in a time when others are retracting or closing.”
About Loansnap.com
Founded in 1999, and with its headquarters in Foxboro Massachusetts, Loansnap.com is a regional mortgage company that successfully evolved into a local industry leader. Loansnap.com’s innovative “click and mortar” model enables Loansnap.com to fulfill its primary mission providing exceptional “personal” service with local lending branches serving homebuyers, home sellers and real estate professionals.
Loansnap.com is a registered trademark of Loansnap.com, Inc. in the United States. All other product and company names are the property of their respective owners.