30-year loans of up to $5M provided by Florida-based Milo Credit LLC allow investors to avoid capital gains taxes — and don't require down payments, credit scores or US citizenship
After unloading $218M in unrated residential transaction loans in June, CEO Michael Bourque said markets for such deals 'are certainly tough right now'
Lender hopes to cut up to $400M in annual expenses and become profitable by the end of the year, after rising mortgage rates gut profitable refinancing business
Investment management firm acquired nonbank mortgage lender First Guaranty Mortgage as part of broader strategy to serve lower end of market
Chapter 11 filing will allow the non-QM lender leeway to submit a plan of reorganization to keep its business alive and pay creditors over time
Non-QM lender fires three-quarters of its workforce, saying it's experienced 'significant operating losses and cash flow challenges' and has been unable to obtain funding