Moneyconnect is now the latest Canadian casualty of the subprime fallout. The “non-conforming” lender has “Suspended new loan originations until further notice,” according to a company release today.
The decision was a result of precarious money markets that made it impossible for Moneyconnect to get the capital to fund new loans. GMAC, HSBC, and other lenders have already suffered similar capital-raising difficulties.
The news is especially disappointing since the Mississauga-based company had just launched it’s lending operations this past February.
The company says it will continue to honour its commitments to brokers and customers on deals in progress. We wish the team at Moneyconnect the very best and will report back if/when they resume lending.
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