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Equity One Commercial - Wholesale, Small Cap Commercial

2008-10-29

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Another business unit of Banco Popular North America has ceased operations as Puerto Rico based parent Popular Inc. continues to downsize U.S. operations. Equity One Commercial headquartered in Braintree, MA was a wholesaler for small-cap commercial loans ($75K - $1.5M). The following brief announcement appears on the home page of their web site:

"Effective October 22, 2008:

Equity One Commercial will no longer be accepting new loan submissions packages, for the immediate future. Any loans already issued a commitment letter, prior to or at the aforementioned date will be honored until their expiration. Please contact your account manager for more specific information. Thank you."

According to the site, Equity One Commercial had fifteen sales representatives covering all but fifteen states of the contiguous U.S., excluding the northwest and plains states. Property types funded included Mixed-Use Buildings, Multi-Family (5+Units), Retail Commercial, Warehouse/Light Industrial, Commercial Condos, Office Buildings and more. Wrote one tipster, "I can tell you they were one of the largest small balance direct lenders in the business. Almost all of the lenders left in small balance commercial like Bayview's Silver Hill Financial were selling loans to them."

We spoke with an AE who acknowledged they were primarily a wholesale operation but also did some direct lending for these loan types. A sales manager we spoke with was unable to comment on volume or employee layoffs.

Pending response to our request for additional information from Banco Popular's media department, we invite you to email us with any details you can add. As always, please feel free to post your comments below.


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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.