Master Financial of Lays Off 300, Closes Offices

March 15, 2007, 1:00 a.m. EDT 1 Min Read

Master Financial Inc. of Orange, Calif., has laid off 300 employees, saying it did not have enough funds to make loans.

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The 26-year-old company also has closed lending offices in Plano, Tex. and Jacksonville, Fla., said Jeffrey K. Garfinkle, a partner at the law firm Buchalter Nemer in Irvine, Calif.

Master Financial had received funding from IXIS Real Estate Capital Inc., an affiliate of Paris-based Natixis, that offers innovative financing solutions to real estate investors and developers.

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