Investaid Corp. - Wholesale Sub-prime Lender
A number of people have reported that Investaid has shut down. This statement was reportedly sent to AEs in a letter:
It is with deep sadness that I must announce today that Investaid will be existing the subprime industry effective March 16th, 2007. The conditions in the market continue to collapse and the pressure placed upon our affiliated bank from the regulatory agencies with regards to subprime is impossible to bear. Effective immediately, we will no longer accept any further submissions or closings. All final approvals will be returned to the brokers. All currently closed loans will be funded however.
Investaid was a Midwest-based lender that operated in approximately ten states. Their web site is still up as of this writing; here is their about page.
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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.