Wells Fargo - Small-Cap Commercial - Wholesale
2008-05-01
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Citing "market conditions," Wells Fargo has announced a "suspension" of Small Balance Commercial Loans. Click here for a recent flyer describing this Division. TM's and Wholesale Support staff were told yesterday in an internal communication:
"IMPORTANT ANNOUNCEMENT: Due to current market conditions, the small balance commercial loans* program is being suspended. Please note the following:
Applications that meet current policy guidelines for small balance commercial loans will be accepted through the close of business (6 p.m. PT) on Friday May 15, 2009.
Small balance commercial loans in the pipeline as of close of business on May 15, 2009 will be honored if they meet currently policy guidelines."
We were told the Division was not going away, only Third Party Originations (TPO), meaning no more 'small-cap' wholesale. More information will be posted as it becomes available. Add your comments, or email the Tip Line.
Oddly enough, this news comes on the same day as the Federal Reserve announced that it would start a much-awaited program in June to encourage commercial real estate lending. Go figure.
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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.