The Lending Group (TLG) - Subprime Wholesale
The Lending Group ("TLG"), The Jacksonville, FL-based subprime wholesale lender, has halted funding. Readers alerted us to the following notice posted on their home page:
To all TLG customers, We regret to inform you that as of this time TLG must suspend all operations due to having no funding capacity. Although we are in pursuit of additional funding sources, the timing and probability of these sources are unknown. We sincerely apologize for all of the problems caused by this situation. We have worked tirelessly to come to an agreeable solution for all, but as of yet have not found the solutions needed. We could have funding in place as early as next week but we do not want to commit to an exact date. We will be sure to update everyone as to the timing of our funding ability. Our plan at this time is to relieve all employees from their role at TLG while we try to meet the new requirements of our existing warehouse lender and try to secure new facilities. For now, to be clear, any and all loans that have not funded, will not fund with us unless we secure our facility and re-close. Any and all loans waiting to close will not close with us until we can guaranty funding. Our ultimate goal is to secure our funding needs and restart production as soon as possible. We will be working diligently to try to make this happen. We would like to thank those that have worked with us and for us during some of the industry's best and worst times. The dedication, determination and shear commitment to work with us over the last 8 years has always humbled us in gratitude.
The old cached TLG homepage has this description of the company:
The Lending Group Inc. is a fast growing, non-prime, mortgage lender that prides itself on speed, quality of service, and professionalism. This 8 year old, privately owned company is made up of highly motivated people who share our founders' philosophy. We call it the "TLG Revolution". The spirit of the "Revolution is to rapidly grow our business by developing quality relationships with our broker-partners, offering them the best speed and service in the industry.
The company did more than half a billion in volume in 2006 and lent in 36 states, according to other pages on the web site. A source tells us the company had about 80 employees.
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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.