First Magnus Not Funding Loans

Aug 16

Poop hits fan this morning, as First Magnus announces they are no longer funding loans.

First Magnus, formerly Charter Funding, is one of Southern Arizona’s largest lenders. I have deals with buyers using First Magnus right now - or were using, I should say.

Also, Long Mortgage is basically First Magnus under a different name, so we’ll have to see if the pending Long Mortgage loans are funding or not - I’m guessing not based on the emails being hurled around this morning.

I’ll provide an update when the smoke clears.

Ought to be an interesting day…

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tags: first magnus, loans, tucson real estate

2 Responses to “First Magnus Not Funding Loans”

The Feed Bag - Raiding The Piggy Bank For The Win Says:
August 16th, 2007 at 6:17 pm
[...] Housechick reports another lender isn’t lending. First Magnus Not Funding Loans [...]
maria gudelis Says:
August 16th, 2007 at 11:49 pm
Will get more interesting for First Magnus tomorrow, my company is filing a $50 Million dollar lawsuit against them for defamation of character/bringing down my business.