Current news for this company:
South Pacific Financial Corp. - Wholesale - Agency, FHA/VA
Update - 2009-03-24: We received the following clarification via email:
"Funding Solutions Bancorp is the wholesale arm of South Pacific Financial. It is FSB that is ceasing operations."
South Pacific Financial's retail operation is still doing business. The source indicated "the decision was made to focus on retail and avoid the hassles of accepting third party originations in this environment." So to be clear, it is their wholesale that has imploded.
Original Listing - 2008-03-20: According to their web site, "South Pacific Financial Corporation (SPFC) is a mortgage banking company that was founded in 1982. The company ownership was taken over in 1990 by Tim Cahill, current Chairman and CEO."
We placed a call into their office in Rancho Cucamonga and hope to get a call back from Tim, but we have had a verbal confirmation that they indeed shut down Wholesale. Although they show monthly volume in excess of $20 million per month in 2007, closing down reportedly resulted in 10 loans being returned to Brokers.
A quote from one email sent in to us:
"Tim Cahill, CEO of South Pacific Financial, has advised us that we will no longer be doing ANY wholesale business effective immediately. Tim believes this to be a proper and prudent business decision for today..."
Eight offices in California are listed on the web site and we're told this does NOT affect Retail production (although not all offices listed on the site are open). If you have further information, please email us. We'll add to this listing as information becomes available.
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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.