Wells Fargo - Small-Cap Commercial - Wholesale
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:
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.