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Popular Warehouse Lending Reviews
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IS Popular Warehouse Lending Still Open?
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Author: Moderator
Date: 2008-09-18 21:02:27
Does anyone know if PWL is still operational? Per a few website articles and ML-Implode.com they had some issues and let go most of their staff.

If anyone has any updates on PWL, Please Post Them Up!



Popular Warehouse Lending (PWL) of Marlton, NJ, a Division of Banco Popular is winding down operations. "Relationship Managers" have all been let go as of December 31, 2007, leaving a staff of about 10 to 12 employees. Down from around 200 Accounts, they are well below 100 now.

Last fundings are expected to be in March, with a complete shutdown slated for June of this year. In bold letters on the front page of their web site:

"PWL is no longer accepting new applications"

"PWL used to have commitments in excess of $200 million" according to one source. With the closure of First Collateral Services, and the squeeze created from the downsizing of National City Warehouse, plus the rumored shutdown of Credit Suisse Warehouse, this is clearly a sector in trouble. The 'domino' effect will certainly topple a large number of lenders in the near future.


source:(ml-implode.com)
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