Current news for this company:
Hometown Commercial Capital - Commercial Lending
A medium-sized commercial lender, sources tell us Hometown Commercial Capital offered loans ranging from $1 to $25 million for the purchase or refinance of commercial real estate, realizing a peak average monthly volume of $40 million in the last quarter of 2007. Hometown Commercial Capital was formed in June of 2005 as a joint venture with San Francisco private equity firm Belvedere Capital Partners. We've been told employees numbered an estimated 150 at peak with eight offices nationwide. About 10 people were left when the operation was shut down.
Hometown Commercial Capital, LLC (HCC) was lead by William G. Fisher, CEO, an ex Wells Fargo executive. One tipster gave us this explanation for the company's demise:
"Hometown was hit a killer blow by the capital crisis in December '07, when LIBOR swayed higher and the company was asked to meet several margin calls. Bill Fisher made the decision to let go their warehouse lending line of credit with RBS Greenwich Capital and look for other partners that could provide some sort of credit line to satisfy the need. During the first half of 2008, several attemps to obtain new financing were made but all failed until the company made the decision to lay everyone off."
In a 2008-05-16 article, Reuters reported Fitch affirmed its ratings on downgrades to commercial mortgage pass-through certificates of Hometown Commercial Capital Trust 2006-1. Of the pool's $130.5 million aggregate collateral balance, 18 loans that accounted for 51.9% of the total were identified by Fitch as "loans of concern for declining performance and occupancy."
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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.