Just nine months ago, Stearns Lending was very much in growth mode, acquiring an equity interest in Citywide Home Loans, rolling out new loan programs and acquiring other new lending channels. But the tide appears to have turned as Stearns is now facing Chapter 11 bankruptcy.
Stearns Holdings, the parent company of Stearns Lending, announced Tuesday that it is launching a “comprehensive financial restructuring plan” that will see the company reorganized through Chapter 11 bankruptcy.
According to the company, the plan is being conducted in agreement and coordination with Blackstone, the private equity giant that acquired a majority stake in Stearns Holdings back in 2015.
READ MORE: https://www.housingwire.com/articles/49511-stearns-lending-declares-chapter-11-bankruptcy
