Equity One Commercial - Wholesale, Small Cap Commercial

Another business unit of Banco Popular North America has ceased operations as Puerto Rico based parent Popular Inc. continues to downsize U.S. operations. Equity One Commercial headquartered in Braintree, MA was a wholesaler for small-cap commercial loans ($75K - $1.5M). The following brief announcement appears on the home page of their web site:

According to the site, Equity One Commercial had fifteen sales representatives covering all but fifteen states of the contiguous U.S., excluding the northwest and plains states. Property types funded included Mixed-Use Buildings, Multi-Family (5+Units), Retail Commercial, Warehouse/Light Industrial, Commercial Condos, Office Buildings and more. Wrote one tipster, "I can tell you they were one of the largest small balance direct lenders in the business. Almost all of the lenders left in small balance commercial like Bayview's Silver Hill Financial were selling loans to them."

We spoke with an AE who acknowledged they were primarily a wholesale operation but also did some direct lending for these loan types. A sales manager we spoke with was unable to comment on volume or employee layoffs.

Pending response to our request for additional information from Banco Popular's media department, we invite you to email us with any details you can add. As always, please feel free to post your comments below.