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Online Lender Calls it Quits

Home Capital closes

April 20, 2007

By MortgageDaily.com staff


An Atlanta, Ga.-based lender has closed its doors.

Home Capital Inc. has gone out of business.

"Regrettably, Home Capital has ceased its operations," a recording on its main telephone line said Thursday.

The message, which said it was placed as of April 17, 2007, further stated that, for customers in process, "it is our intention that you will be contacted by a Home Capital representative within the next three to five business via phone or e-mail regarding the status of your application."

Home Capital has not responded to numerous requests during the past week from MortgageDaily.com for a statement.

"We do not have associates covering our phone line," the recording continued.

Home Capital's Web site stated the company was a top five online lender.

The company said it handled borrowers with credit scores ranging from 500 to 850 and had "a full array of products to offer to customers with less-than-perfect credit," according to the site.

Founded by Chief Executive Mike Berte, Home Capital launched in 1999 and its newest office was in Scottsdale, Ariz., the site said.

"Growth was rapid, as Home Capital became known as the company with 'The Personal Touch' and before long, the company would be ranked as one of the fastest growing on-line mortgage lending companies in the country," the site stated.

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hard money lending. Home-equity loans and home-equity lines of credit.



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