Mortgage Lion, Inc. - Wholesale - Agency, Jumbo, Constr-to-Perm
Based in Fitzgerald, GA and a wholly owned subsidiary of CapitalSouth Bank, Mortgage Lion is self-described as "THE niche lender" for Florida "specializing in Jumbos, ARMS, Construction-Perms and true common sense underwriting." CapitalSouth was issued a Cease & Desist Order on 2008-10-29 to "strengthen oversight of the operations of the bank and its subsidiary, Mortgage Lion" according to The Huntsville Times.
"In August, CapitalSouth Chairman and CEO Dan Puckett said the bank expected to face enforcement action after bad loans had more than doubled since December to $35 million. That was more than the bank's $29.8 million in stockholders' equity, retained earnings and the amount shareholders contributed as paid-in capital."
CapitalSouth reported a loss of nearly $5.3 million for the third quarter, and is in the process of raising additional capital to shore up its balance sheet according to MarketWatch. Nonperforming assets were reported at over $47.8 million.
Average origination volume for 2007 is listed at just over $15 million per month. Previous monthly volume had peaked around $22.5 million in 2005. Employment numbers were not available at the time of this listing.
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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.