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BayRock Mortgage - Sub-prime Wholesale
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2007-12-4
Privately held BayRock Mortgage Corporation of Alpharetta, Georgia has closed its Wholesale Lending operations. They will continue Retail operations.
We received the following from President & CEO William M. Medley, Jr.:
"We regret to announce that BayRock Mortgage Corporation has decided to discontinue all wholesale operations effectively immediately. A challenging market environment, coupled with continued liquidity limitations, gives us no other choice but to look for the long-term survival of BayRock Mortgage Corporation. We have enjoyed working with all of BayRock's broker partners and we regret that this decision has to be made and the impact on all those who will be affected...
We are excited about our opportunities to continue to develop and grow our retail platform."
With AE's covering 46 States nationwide, Bayrock reports peak business volume had once been as high as $125 million per month. 60 to 70 people will be affected by this closure.
Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.