Stone Creek Funding - Wholesale Alt-A
Update, July 22nd: In correspondence with WJ Bradley management, it was clarified that the merger with Stone Creek never actually completed. Morgan and WJ Bradley called it off and decided to abandon their wholesale expansion plans, leaving stone creek to implode.
The closure of this company (companies?) appears to be a convoluted mess. As we understand presently, around June 14th, WJ Bradley group acquired Stone Creek funding, combined it with WJ Bradley's existing wholesale ops, and called the new division Morgan Direct. However, that combined entity appears to have failed (for specific reasons unclear to us). The following is excerpted from notice of that closure, forwarded to us on July 5th:
Next is the key bit of the 6/14 message announcing the WJ Bradley acquisition and merger, as was forwarded to us by the same person:
If anyone has any more details on Stone Creek/Morgan Direct/WJ Bradley and what happened here, please let us know.
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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.