E-LOAN Appoints CEO of Australian Joint Venture

Online lender E-LOAN Inc. took a step forward in its plans to expand into Australia this week, appointing John W. McGee as chief executive officer of its joint venture with eVentures, I-LOAN Pty Limited.

The mortgage site I-LOAN is expected to be launched early next year.

McGee previously was the chief officer of finance and funds management at FAI Life Ltd in Australia. He launched FAI Home Loans, one of the first mortgage originators in Australia, and one of the first online lending sites.

“This is truly a rare and exciting opportunity to revolutionize the
mortgage process in Australia,” said John McGee. “Our online
multi-lender site will offer Australians more choice and control over the home loan process than they’ve ever had before.”

eVentures is a joint venture between SOFTBANK Corp. and News Corp.’s epartners.

E-LOAN, Inc. (EELN) launched as an online mortgage service in
the U.S. in June 1997.

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