Bryco (Wholesale) - Subprime/Alt-A
Update - 2008-02-20: Bryco's web site is still up, but it's become pretty clear they are no longer doing any business. In an email we received yesterday:
"They have closed their offices and filed Bankrupcy effective 2/1/08. Proof of this is on various filings with the San Francisco Court related to a number of suits against the company and officers."
A quick check of public records confirms this. The BK was filed on 2008-02-04, and includes $10 million in claims associated with lawsuits pending litigation in the San Francisco Superior Court, two of which appear to be class actions.
Original Post - 2007-07-22: This is a retroactive addition (today is July 22nd). We first heard that the San Francisco-based Bryco had shut down its wholesale division on June 1st:
Early this month, we then received some verification from a recent former manager in the company:
PS. not sure if you want to add Bryco Funding to your list or not. I ... quit end of May as the owners were in financial problems. the day I quit [late May] the entire ops staff was let go as well, and the CEO shut down their warehouse lines. so they are going back to a broker only. we funded over $600M in 2006.
We are thus unsure how much of Bryco is actually still operating. The web site (http://www.brycofunding.com/) shows no signs of distress. If you have more information, please let us know.
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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.