(08-15) 17:23 PDT SAN FRANCISCO (AP) --
Mid-sized lender Capitol Commerce Mortgage abruptly closed Friday, stranding hundreds of prospective borrowers who had been counting on the firm to finance home purchases and refinancings at low rates that are no longer available.
The closure came just a few weeks after Sacramento-based Capitol Commerce celebrated one of the busiest months in its 17-year history; the lender funded $3.7 billion in mortgages during July, according to several account executives interviewed Friday.
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Capitol Commerce had 15 offices in California, Oregon, Washington, Arizona, Colorado, Texas, Illinois and Florida. Based on an employee directory on its Web site, the company employed more than 300 workers.
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Capitol Commerce began making loans in 1986, according to its Web site. Chris Sordi is listed as the company's principal on its California incorporation records. The lender has a clean record with its chief California regulator, the state's Department of Real Estate.
The company boasted of its reliability on its Web site, noting that "the market may change, but our commitment won't. Year after year, Capitol Commerce Mortgage is there for you, in good markets and bad."
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