Impac Commercial Sees $220,000 Loss for Quarter

Impac Commercial Holdings Inc., a Newport Beach real estate investment trust that has been struggling since last fall’s global liquidity crunch, reported a first-quarter loss and said it cut about a dozen jobs.

The company lost $220,000, or 3 cents a share, compared to a profit of $2.2 million, or 27 cents, in the same period a year ago. Net interest income slipped about 16% to $2.6 million.

The company, which makes and sells commercial mortgages, also said it was notified recently by its lenders that the company’s warehouse credit lines will not be renewed. As a result, Impac Commercial has hired advisors to help it find strategic partners to enable the company to keep making loans.

Meanwhile, in an effort to cut expenses, the company eliminated the jobs, about two-thirds of its staff.