Steward Financial - Alt-A Wholesale Lender


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(Note: this entry is being retroactively added as of July 30, 2007). Steward was a Carlsbad, CA-based lender. We have been hearing information regarding a shutdown of Steward since as far back as May 10th. A typical notice from around June 29th, when we're considering the "definitive" closure date, reads:

Steward Financial is gone
Reply from Steward via email:

I wanted to send you an update on our situation. Unfortunately, Steward Financial Inc. is no longer originating loans and has laid off its entire staff. We're in the process of dissolving corporation and selling off remaining stale loans. Company has endured heavy losses over the past 6 months and is now operating on a negative net worth

Apparently the second paragraph was from Glen Steward himself (CEO of the company). More details on the company were reported to us in an email received July 28th:

Check Steward Financial. 1808 Aston Ave. ste 230 Carlsbad Ca 92008. Let all employees go in April with 5 remaining for "clean Up". (only for 2 additional weeks) Web site says it is under construction but I can say that as a former employee, they are DONE. They recruted a few sales reps to do business at that office through Loan Link based in Orange County. Steward Employeed 50 (approx) people and many employees had been there for quite some time. Steward was an Alt A lender at one point doing 40-50 mil a month dropping considerably in the last few months.

Apparently many of the employees, including the CEO, took jobs with LoanLink.

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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.