It’s a Twister, Not of Fun, But of Finance
• In challenging weather news for the finance world, an Atlanta-based lending company, which stretches its tentacles to 48 states, is set to shutter business on March 29.
• The closure is not just a mere company sabbatical, but a grand final bow after serving the real estate industry with loans.
• A chilly bite of reality hits even harder as sixty-five employees will feel the mouse-click of unemployment, according to the company’s WARN Act report with Georgia officials.
• The forecasted job losses don’t hold a candlestick to a casual Friday; it’s a cataclysm that sends shock waves throughout the employees’ households and the industry at large.
• However painful, the closure was not exactly a lightning bolt from a clear sky. The real estate and lending sector has been showing signs of an impending hailstorm, with many company operations getting icy.
Putting Fun in the Finance Fumble
As they say, when one door closes and nobody is home, it’s probably just the wind. A similar scenario is unfolding with our dear Atlanta-based lender. With operations spread thinner than peanut butter on a budget shopper’s sandwich across 48 states, the credit crunch has finally crunched its way to this company’s heart, literally unplugging its life source come March 29. Add sixty-five employees to the growing list of casualties of the finance world’s turbulence. Did someone order a side serving of ‘unemployed’ with their annual revenue report?
Despite the doom and gloom (their employees certainly won’t be Atlanta-based loafers after all), the news isn’t entirely shocking. After all, the company’s recent performances aren’t exactly what you’d showcase in a ‘How to run a successful lending company’ seminar – trust me, I’ve not attended one. But when rumblings in the industry began resembling the beats of an upset tummy after a bad burrito, it was only a matter of time before the err, matter hit the fan. Or in this case, the WARN Act report.
Hot Take or Toasty Reality?
The baking sheet of reality pulls out another batch of brow-beaten layoffs, where sixty-five warm-hearted employees find themselves on the cooling rack of unemployment. As the Atlanta-based lender flips its ‘Open’ sign to ‘Closed Forever’ on March 29, it’s a sobering reminder for all businesses that just like making pancakes, sometimes things just don’t pan out as you wish. While finance and fun usually go together like oil and vinegar, we can’t help but sprinkle our take with some humor; because sometimes, laughing in a storm is the only umbrella you have! This industry shake-up is a lesson to other lenders. Steadfast operation and chill-proof plans are essential unless you want to be the next ‘subtle’ joke at the finance party. Stay alert folks!
Original article: https://www.inman.com/2024/02/02/wholesaler-crescent-mortgage-closing-up-shop-at-end-of-march/
