BF Saul Wholesale Lending - Wholesale


Comment on this article | Subscribe by email!

BF Saul Wholesale Lending, owned by Chevy Chase Bank, closed their doors on January 15th. With Operations Centers in San Ramone CA and Orange CA about 33 people are out of work.

Named after founder Bernard Franklin Saul, we understand this division was started about 18 months ago. December closed volume was approximately $23 million. We delayed reporting on this implosion due to the entwined nature of Chevy Chase and Saul.

"Chevy Chase terminated all B.F. Saul employees and is now only doing business in select markets as Chevy Chase and have cut back their guidelines to make it nearly impossible to get loans funded."

The most interesting theory for this shutdown from one Tipster suggests 'Politics' as opposed to 'Financial' rationale:

"I wouldn't count this company out, Saul is a smart man and the bank isn't exactly in a bad position. There were most likely other factors behind this change and I don't think they were financial, though inside reps are cost effective. There was a new GVP that came in a while back that was fond of another companys inside sales operation. There has been a big push for this to move forward and expand. Everyone wants to make their mark and this is one of his. At least those are the rumours. He who has the success holds power."

On January 14th we placed Chevy Chase on our Ailing/Watch List, and noted the two gentleman who walked into West coast Operations centers and shut them down did not leave town. We suspected their morning visit would be to the Saul offices, and were unfortunately correct.

More information is always appreciated whether you email us, or post it yourself on our BF Saul Forum topic here.

Comments: Be the first to add a comment

add a comment | go to forum thread

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.