FlexPoint Funding (Wholesale & Retail) - Alt-A/Hard Money lender
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Many have written in to inform us that FlexPoint Retail has also ceased lending operations. One informant notes:
Irvine, CA-based FlexPoint has apparently shut down its wholesale lending operations. FlexPoint was initially brought to our attention on May 3rd, when a note to the company's brokers announcing the cessation of all non-hard-money lending was forwarded to us:
FlexPoint Funding Corporation as of May 1, 2007 is strictly originating Hard Money/ Deep Subprime loans to 70% LTV with our Flex Zero Product. This is a great opportunity to close more loans in these turbulent times. All loans already submitted under any other programs will be honored but, we will not be accepting additional applications for any products other than our Flex Zero product.
Late June, we began hearing about FlexPoint again, except as a complete wholesale shutdown. Here is one message we received from a broker:
Well Folks, as good as I thought it was, I guess I was wrong. I was just informed that FlexPoint is no longer accepting new applications and that we will just be funding out the current pipeline and shutting the wholesale doors. Again, it was a great pleasure working with all of you in the past months. I hope that we can all cross paths again.
This contributor later added:
In fact, the web site fpfloans.com is no longer up, giving a "page unavailable" when accessed. Flexfunding.net, which appears to be the company's retail site, is still up. We are unclear whether that business is still operating normally, however.
A little further digging yielded this extensive article about the company at BrokerBanker magazine. It says FlexPoint originated about $1 billion in 2006, and that the sub-500 FICO market (the company's focus) was about $50 billion a year (at that time). The article states they are in more than 30 states.
For corrections or additional information on FlexPoint, please email us.
Additional Information: 2007-07-09
We received some additional information in the mailbag regarding Flexpoint this morning:
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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.