Wealthbridge Mortgage Corp. in Beaverton, Ore., will close its doors and lay off staff after a deal to sell the nonbank lender fell apart.
Wealthbridge has laid off 16 employees and will cut the remainder of its 109-member staff on Oct. 15, according to a notice filed with the state through the Worker Adjustment and Retraining Notification Act.
"Wealthbridge Mortgage Corp. intends to close its business and permanently lay off employees due to unforeseen circumstances outside of the company's control and its inability to obtain the necessary capital to remain in business," company president Scott Everett said in a letter to local and state officials.
The firm's closing was first reported by The Portland Business Journal. Venn Capital Group Holdings of Oregon was slated to buy the company.
Neither company could be reached for further comment.