BF Saul Wholesale Lending - Wholesale
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.
The most interesting theory for this shutdown from one Tipster suggests 'Politics' as opposed to 'Financial' rationale:
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.
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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.