BF Saul Wholesale Lending - Wholesale

BF Saul Wholesale Lending, owned by Chevy Chase Bank, closed their doors on January 15th. With Operations Centers in San Ramone CA and Orange CA about 33 people are out of work.

Named after founder Bernard Franklin Saul, we understand this division was started about 18 months ago. December closed volume was approximately $23 million. We delayed reporting on this implosion due to the entwined nature of Chevy Chase and Saul.

"Chevy Chase terminated all B.F. Saul employees and is now only doing business in select markets as Chevy Chase and have cut back their guidelines to make it nearly impossible to get loans funded."

The most interesting theory for this shutdown from one Tipster suggests 'Politics' as opposed to 'Financial' rationale:

"I wouldn't count this company out, Saul is a smart man and the bank isn't exactly in a bad position. There were most likely other factors behind this change and I don't think they were financial, though inside reps are cost effective. There was a new GVP that came in a while back that was fond of another companys inside sales operation. There has been a big push for this to move forward and expand. Everyone wants to make their mark and this is one of his. At least those are the rumours. He who has the success holds power."

On January 14th we placed Chevy Chase on our Ailing/Watch List, and noted the two gentleman who walked into West coast Operations centers and shut them down did not leave town. We suspected their morning visit would be to the Saul offices, and were unfortunately correct.

More information is always appreciated whether you email us, or post it yourself on our BF Saul Forum topic here.