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:

Bryco Funding was a direct lender out of San Francisco that typically funded 20 - 30 million a month in loans across the country. They had full HUD approval to lend in all 50 states, a Nascar team, nationwide commercials, etc. ... They specialized in Subprime/Hard Money loans but did do some Alt-A and A-Paper stuff.

Yesterday Bryco Funding fired their operations department, halted funding, and is now operating as a broker until they go completely broke.

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.