Civic Financial has frozen their pipeline! Where are you taking your deal now?

[Alex Bekeza]

Civic Financial has long been one of the most competitive names in the space and highly active on BP.  Unfortunately, they appear to be going through serious liquidity issues and have informed clients that their fundings are frozen for the next 1-2 months, they parted ways with their legendary CEO Bill Tessar on Friday (who had just been interviewed on the latest episode of "On the Market"), and if I had to guess it would appear they are fading out of the business.... 

I'm curious to hear from who is directly impacted by this in the BP community.  What are you all doing now that they have left you high and dry? 

[Caroline Gerardo]

Quote from @Allan Smith:

It doesn't sound like they are going under, maybe their rates just have to go up.  to be fair theirs was a product for hot markets. Might be the end if an era. 

I borrowed from them once in 2018. Slow clunky closing but otherwise it was fine.

 MANY other lenders closed doors, filed BK there are now a million people in mortgage and vendors laid off.

Pain for all the borrowers in process at Civic who are advertising for default management jobs.

This Great Recession is real. 

If you need a referral to a new source feel free to hit me up

I need: property state, valuation today, what you want to achieve, your guess of your middle FICO, are you experienced, can you go full doc, or can the subject cash flow with market rents, loan you want.

I will give you a rep and a source or I can do it