Refinancing Lender Instafi.com Closes
From Associated Press
Instafi.com has shut down, leaving about 100 employees without jobs and final paychecks.
The Irvine-based company once employed 350 people and arranged more than $500 million in loans per quarter, but was caught unprepared by a rise in interest rates in July that caused a sudden slowdown in refinancing applications, the Orange County Register reported.
“When the rates changed, we were totally caught with our pants down,” Dan Moore, 44, a former Instafi.com loan officer said.
Chief Executive Sean R. Roberts, who founded the company in 2000, said Instafi.com’s “liabilities exceeded our revenue, and we are no longer in business.”
He declined to comment further.
