A new subprime lender formed by a former Barnett executive opened the first of 55 planned offices last week.

First Street Mortgage Corp., Jacksonville, Fla., opened a retail branch in Hartford that will offer nonconforming mortgages within 24 hours of application.

The site will feature on-site mortgage underwriting for A through D quality mortgage loans.

The company was formed earlier this year by Jeffrey Larsen, a veteran nonconforming lender who was chief executive of Barnett Banks' subprime division, Equicredit Corp. Mr. Larsen unexpectedly left Barnett earlier this year. First Street plans to open 15 retail branches nationwide by the end of 1997.

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