Platinum Capital Group (Wholesale) - Mortgage Banker
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Update, Sep. 9: We have received a clarification from management that only wholesale ops have ceased. That statement follows:
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.
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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.