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Hard Money Lender Closes

Mortgage News

A California-based hard money lender has closed its doors.

First Street Financial Inc. “has ceased operations, effective June 15, 2007,” a voice message stated at the company’s Irvine headquarters number.

The lender was not immediately available for comment.

The California Department of Corporations listed First Street’s mortgage banker license as “active” and showing a license date of March 22, 2004. The corporate license was set to expire on June 11, 2009 and had no branches registered under it.

First Street funded loan originations derived from direct sales, brokers and correspondents, one Web page indicated.

Hard money loans were apparently part of its menu, according to another page. Among reasons cited for using hard money programs were bankruptcy, foreclosure and credit scores under 500. Tax liens, lack of income verification and keeping the property were also cited.

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