Stone Creek Funding - Wholesale Alt-A

Update, July 22nd: In correspondence with WJ Bradley management, it was clarified that the merger with Stone Creek never actually completed. Morgan and WJ Bradley called it off and decided to abandon their wholesale expansion plans, leaving stone creek to implode.

The closure of this company (companies?) appears to be a convoluted mess. As we understand presently, around June 14th, WJ Bradley group acquired Stone Creek funding, combined it with WJ Bradley's existing wholesale ops, and called the new division Morgan Direct. However, that combined entity appears to have failed (for specific reasons unclear to us). The following is excerpted from notice of that closure, forwarded to us on July 5th:

I am very sorry to announce that Morgan Direct, formerly known as, Stonecreek Funding has closed its doors. For those of you that I have had the opportunity to work with I would really like to apologize. I know it is hard enough to get loans closed right now without having to worry about companies shutting their doors. And for those of you that have already submitted loans, we are still trying to close all of them prior to the 15 th of the month.

If we have discussed loans and they have not yet been submitted, please call me and I will tell you where you can take it, so that you are not losing the business due to your loyalty to me.

Again, I truly apologize for any inconvenience that I may have caused you with your loans and I hope that when I find a new home you will still give me the opportunity to earn your business.

Please feel free to call me if you have any questions and I hope to hear from all of you soon.

Also, if anyone knows of any good companies hiring for Account Executives, please let me know about them.

Next is the key bit of the 6/14 message announcing the WJ Bradley acquisition and merger, as was forwarded to us by the same person:

I just wanted to let everyone know that Stonecreek Funding Corp. and Morgan Financial Inc. have joined forces to create a new wholesale division called Morgan Direct. Both Morgan Financial and Stonecreek are under the parent company of W.J. Bradley Company Merchant Partners, LLC.

This merger will allow Stonecreek Funding to be a part of a much larger banking platform with better rates, programs, and technology.

If anyone has any more details on Stone Creek/Morgan Direct/WJ Bradley and what happened here, please let us know.