Within days of the new chief executive officer describing the ripe opportunities for auto refinancing, iLendingDIRECT secured more funding to grow its operations and more.

On Friday, iLending announced that it has raised an additional $35 million through a transaction led by First Eagle Alternative Credit. This new capital follows iLending’s announcement in May that J.C. Flowers & Co. had taken a majority stake in the company.

“This new capital, on top of our recent investment from J.C. Flowers, is a strong signal of confidence in our proven business model, strong balance sheet and leadership team,” iLending CEO Tom Holgate said in the news release detailing the latest funding. “We have already begun building out both our management and sales teams, and we will remain vigilant for opportunities to grow the business.”  

The company has substantially ramped up hiring to help support its growth, including hiring additional senior-level executives, expanding its Austin, Texas office, and developing near shore partnerships.

Executives from iLending also said they plan to open a new office location this fall.

The platform from iLending is available in all 50 states and Washington, D.C., and can handle the entire process, including finding the best rates, paying off the previous finance company and re-titling the vehicle.

Executives from iLending said its platform can save consumers an average of $144 a month on their payments through direct relationships with credit unions and other financing institutions that ensure consumers have access to the best available rates.

“We estimate that one in four auto loans are overpriced, meaning consumers are often paying more in interest than they should be based on their current credit profile. This presents a tremendous market opportunity for iLending,” Holgate said. “With our network of lenders, the company is well positioned to lead the market and help consumers refinance their loans and save money.”