Aug 31 (Reuters) - LM Funding America Inc :
* LM Funding implements cost cutting initiative
* Says has implemented a cost cutting initiative that is expected to reduce expenses by approximately $2 million annually
* Measures include reducing non-sales related back office personnel by 30%, reducing back office wages up to 20%
* Cost cutting measures include lowering company's executive base compensation by 30%.
* Says LM Funding's president Sean Galaris will be leaving company at year-end
* In additional to cost cuts and management changes, co recently listed several of REO properties for sale in South Florida market
* LM Funding America Inc says cost cutting initiative is expected to be completed by beginning of Q4 2016, includes streamlining internal processes Source text for Eikon: Further company coverage: