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Edgewater Lending Group - Wholesale
2007-11-07
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Edgewater Lending Group of Clackamas, Oregon today announced the closure of their Wholesale Lending Dept. This does not affect their 2 Retail Loan Centers. The layoff involves 8 to 10 people with some joining the Retail side
From Edgewater Wholesale web site:
"Following serious consideration and analysis of current market conditions Edgewater Wholesale will no longer be accepting new submissions as of 12:00pm today, November 7, 2007.
It has been our pleasure to serve you and we wish you success in this challenging market.
All loans currently in our pipeline must be locked and all conditions received by this Friday November 9th our final day for funding will be Monday November 26th, 2007. Please contact our office to discuss any loans that may need special arrangements, we want to make sure you and your clients are taken care of during this difficult time."
Edgewater was funding about 10-million per month in a slowing market, funding mostly 'A' and 'Alt A' paper.
In a final email out to Brokers for this announcement, one AE added at the bottom of their letter, "Anyone that needs a drink, please call."
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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.
