One of North Florida's fastest growing companies has run out of funding.
The Lending Group Inc. has suspended all operations, according to a notice posted on the company's Web site today.
"We regret to inform you that as of this time TLG must suspend all operations due to having no funding capacity," the message read. "Although we are in pursuit of additional funding sources, the timing and probability of these sources are unknown."
The Jacksonville-based company was co-founded by CEO Jim McCarthy and Nate Burns in 1999, according to material posted on its Web site. Retail operations were shed in 2004 when the company moved its focus completely to subprime wholesale.
The Lending Group reported 300 percent growth in 2005 -- landing it on the Business Journal's No. 5 spot of the Fastest Growing Private Companies in North Florida. Last year, the lender reported 74 employees with $500 million in originations from 36 states -- moving it up to the No. 4 ranking.
Helping to thrust it forward were programs with credit scores down to 500, unseasoned refinances and closing funds, and 100 percent loan-to-value loans with 620 credit scores, according to a one online document. Debt ratios went as high as 55 percent while loans maxed out at $1.5 million.
The online message suggested funding could be in place by next week, but employees will be "relieved" until then. Loans in process will not be funded unless such an event takes place.
"We sincerely apologize for all of the problems caused by this situation," the Web site said. "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."