After spending a considerable amount of time and effort getting pre-qualified by Lending One, I called them yesterday to ask where our pre-qual letter was only to be told they just went belly up over night and are no longer doing loans!!
How nice! So I wasn’t able to present the prequal letter with an offer we tried to make yesterday, goodbye to that deal!
Anyone else caught up in this mess?
They were a fairly large hard money lender. The rep here for St. Louis told me that most of their funds came from banks. Apparently the banks were getting told that they shouldnt be making loans like this.
I heard that lending one might be getting additional funding from some Canadian investors.
I’ve also heard that there liquidity issues are temporary—we’ll see…
Regards,
Scott Miller
i have lost two deals even with excellent credit because of these bank closures. not LendingOne in particular but greenpoint, countrywide.
Greenpoint is actually a part of capital one and they are getting ready to scrap greenpoint and layoff a LOT of staff.
Greenpoint (the residential side) closed down weeks ago…
Regards,
Scott Miller
Once bitten…