Platinum Capital Group (Wholesale) - Mortgage Banker

Update, Sep. 9: We have received a clarification from management that only wholesale ops have ceased. That statement follows:

Due to current market constraints, Platinum Capital made the decision to wind down our wholesale and banking platform to focus on our retail group which consists of over 80 loan officers and funds in excess of 1 billion dollars annually.

Our intent is to expand our existing joint ventures with additional Real Estate firms, developers, relocation companies and financial services organizations. We are also expanding our commercial lending division, our hard money division and our custom home construction lending group.

Update, April 12, 2am: Management of the company has contacted us and informed us that Platinum is still around. As we determine details of their remaining business, we will updated and potentially remove this entry.

Multiple sources report that this company has ceased lending, at some point within the past month. It appears to be based on Manhattan Beach, CA. While the main web site seems light on info, there is a link to a press release from last November which says that Platinum funded $2 billion in 2006, and at some point was named the Los Angeles Business Journal's "#1 fastest growing privately held company in Los Angeles".

No word yet on the credit quality mix of the lending, or the solvency of the overall company. That would probably depend on how much of Platinum's lending was funded by its own depositors.