(Back-add on 2007-08-16) It has come to our attention that Bridge Capital has ceased operations. An announcement has been made on their website (bridgecap.com:
TO OUR VALUED BRANCH MANAGERS:
We all know that the mortgage industry has experienced some exceptionally difficult times over the past months. Many mortgage companies began closing late last year, and that trend has accelerated since the beginning of 2007.
After a number of months of intense activity trying to develop options for Bridge's continued operation, we have been advised by our outside attorneys that to continue the operation of Bridge Capital is not feasible, and that we should immediately cease doing business. We have decided that this is the only course available to Bridge Capital at this time.
That being the case, we wish to notify you that you should immediately stop submitting loans to lenders under Bridge Capital's name. Further, any pending loans that you can redirect should be handled as promptly as possible. For loans that cannot be redirected, Bridge Capital will honor the loan's delivery to Bridge and will do a check swap. All of these loans should be funded by June 29, 2007 and submitted together with the check no later than Thursday, July 5 2007 in order to process the swap. If this still causes a problem, Bridge Capital will cooperate with you to work an alternative to allow you to complete the transaction.
Regarding the size of Bridge Capital's operations, one informant noted:
estimated: Max loan Volume $65-85mil/mo, Jumbo, A, Alt-A, Non-Prime, etc, 100 direct employees with over 100 net-branch operations nationwide.
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Important: This company is on our list of lending operations that have "imploded". 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.