IRVINE, CA--(Marketwire - Jun 8, 2011) - Itonis, Inc. (
Upon receiving the $10 million in warehouse credit lines, PMG will be permitted to fund loans and sell them off repeatedly without limits, virtually allowing PMG the ability to originate unlimited loans for consumer real estate mortgage transactions.
The warehouse lines of credit will enable PMG to re-use the lines of credit many times over during the fiscal year. As a result, loan funding is expected to exceed $30,000,000 per month. These transactions are expected to produce commensurate loan origination fees and boost company revenues. The loan origination industry typically derives its revenues from origination fees charged to the borrower in the range of one to 3 percentage points, calculated from the loan amount funded.
PMG expects the process of obtaining its warehouse lines of credit to take approximately 4-6 months. After which, PMG will be able to market its ability to originate consumer mortgage loans.
PMG has prided itself on being a one-stop provider of consumer financial services such as consumer debt consolidation, tax debt resolution, consumer mortgage loan brokering, and entrepreneurial start-ups. The addition of a direct lending component is expected to strengthen PMG's position as an all-inclusive consumer financial service provider. This will allow PMG to offer a Wholesale Lending Program to solicit and fund loans from mortgage brokers to retail loan programs offered to consumers.
Additional information about Performance Mortgage Group, Inc. can be found on PMG's company website at http://performance3g.com and www.performancemortgagegroup.com.
Additional information about Itonis, Inc. can be found on Itonis' company website at http://itonisholdings.com.
Questions about today's announcement can be directed to office@itonisholdings.com.
About Itonis, Inc.
Itonis, Inc. (the "Company") was incorporated under the laws of the state of Nevada on July 5, 2005 under the name of Kenshou, Inc. Subsequently, its name was changed to its present name, Itonis, Inc., on December 2, 2005.
The Company operates as a holding company and is undergoing a transformation in 2011 to embark upon an aggressive plan to acquire high growth entrepreneurial companies that have established or are expected to establish themselves as leaders and/or successful enterprises in various market niches.
Forward-Looking Statements:
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
Contact Information:
Itonis, Inc.