Alliance Bancorp - Wholesale Alt-A
We have received numerous confirmations that Alliance Bancorp (www.loanwholesale.com/) of Brisbane, California, has shutdown and will no longer be funding any loans or accepting any new loan submissions. Here are two examples of emails that were sent out by Alliance Bancorp employees (And forwarded to us, thanks!):
At around 2 p.m. today, an "Inside" AE sent the following:
At around 3 p.m. another Senior AE sent the following:
As you may recall, Alliance Bancorp has made our "ailing" list previously (and once was listed as "imploded" before when they had temporarily ceased funding) but we were compelled to remove their entry at the behest of Alliance Bancorp's General Counsel.
In light of such overwhelming evidence (A huge body of tips - thanks!) supporting Alliance Bancorp's implosion, we are now making public Alliance's "implosion". We have attempted to contact Alliance's General Counsel for confirmation; however, he was unavailable for comment (Out of the office replies on both email and voicemail).
We have gotten word that approximately 400 people will be laid off as part of this closure.
More details to follow.
Update, July 16th: Alliance has filed for bankruptcy. The Chron article transmits this quote from the company regarding the closure:
"This year we've put up a valiant fight! One with integrity, dignity and never wavering determination, focused solely on how to succeed," CEO Lisa Duerhing says in the letter. "Unfortunately the latest market was more than we were able to overcome. We have exhausted our resources and do not have the means to move forward. Therefore, it is with great sadness that I announce that we have ceased operations as of today, July 13th."
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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.