Current news for this company:
Velocity Commercial Capital - Small-Cap Commercial
Update - 2009-04-21: We spoke with Chris Farrar, President of Velocity Commercial Capital, who told us they are still doing a limited number of loans for existing clients, but have not yet resumed accepting new business. The company is currently focused on servicing its existing portfolio, and has maintained its offices in Westlake Village, CA and Stanford, CT.
While Farrar declined to comment on the company's peak volume, he did confirm they had funded in excess of $20 million per month in the past, and were presently doing "one or two" deals a month. Farrar said they plan to "get back up and running sometime soon."
Original Post - 2008-11-20: A tipster alerted us that Velocity Commercial Capital was no longer doing business. This was confirmed when we called their offices, first on the east then west coast. "We are no longer accepting new applications or funding loans," they acknowledged. Both sources declined further comment.
Headquartered in Westlake Village, CA, the company has an east coast office in Stanford, CT July of 2005 and recently opened a sales office in Burlingame, CA according to the web site. An additional office in Rosemont, IL mentioned in a July 2008 news release was not listed. Pages showing "recent fundings" for Multi-Family, Mixed-Use, Retail, Office and Other project types illustrated over $6.5 million in closed deals. No time frame was given.
We are placing this entry on our Ailing/Watch List pending further news and specific volume and employment numbers. If you can fill in any of the blanks, don't hesitate to contact us. Your comments below are also welcomed.
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Important: This company is on our list of lending operations that are apparently ailing or which we think are worth watching for any other reason. We make no representation or claim that any company on this list will or will not continue as a going concern, or change in any other way, adverse or beneficial. If you have concerns about this company, we suggest contacting them directly and/or checking with other reliable sources.