Wealthbridge Mortgage of Beaverton, Ore., will close its doors and lay off staff after a deal to sell the nonbank lender fell apart.
Wealthbridge already has laid off 16 employees and will lay off the remainder of its 109-member staff on Oct. 15, according to a notice filed with the state under 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 reported by The Portland Business Journal.
Venn Capital Group Holdings of Oregon was slated to buy the company. Neither could be reached for comment at press time.
Wealthbridge's collapse comes at a time when many mortgage banking firms are enjoying stellar profits on new originations. On its website, the firm boasts: "We're right where we want to be: smaller than the national banks, large enough to offer competitive rates."