Allied Lending Corp. (Wholesale) - Wholesale
Allied Lending Corporation of Laguna Hills CA has 'suspended' their Wholesale Division. All AE's will be retrained and the focus will shift to Retail. At one time Allied had 11 AE's and funded $25 million per month, now down to $4 million in December.
As announced in an email:
"At this time we are temporarily suspending all programs in the wholesale division. Market is very unstable and all investors are shutting down or pulling out. We are working to finalize our investors list."
We spoke to CFO Massoud Kamrooz. He feels making the switch to Retail is the best way to manage the turmoil in the marketplace, without being "forced to close." In a very open letter to us, he places the blame squarely on Wall Street shoulders:
This latest closure of yet another Wholesale Lender can be directly attributed to the pull-out of warehouse and investor loan programs. We will be seeing a domino effect in the next few months.
If you can provide more information about Allied, please email us.
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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.