(Source: Cy Ryan Las Vegas Sun (MCT) — Integrated Financial Associates, a Las Vegas hard money lender that lost its state license when filing for bankruptcy reorganization, has regained a limited temporary permit to carry on existing business.
The state Division of Mortgage Lending says a settlement has been reached with IFA, whose mortgage broker license was denied in September 2011 for being insolvent and conducting business without a license.
IFA, which opened in 1997, according to the Better Business Bureau, submitted a financial statement to the state that showed a negative equity of $4.9 million.
It has not brokered any loans since the revocation. But it is serving 37 existing loans originated by IFA with a principal balance of $163.1 million.
During the bankruptcy proceeding, it continues to pursue the collection of existing loans and the sale of real properties it manages.
It also manages 23 limited liability companies formed to facilitate foreclosures upon certain properties formerly held as collateral for loans totaling about $100 million.
IFA hopes to emerge from Chapter 11 bankruptcy by the end of this year.
The state division says the settlement will permit IFA to service existing loans and manage limited liability companies. But the company will not originate any new loans.
The company must maintain a $50,000 bond payable to the state, submit monthly reports to the state and be subject to unannounced financial examinations.
The conditional license expires on Dec. 31, and IFA is required to apply for a full license.
The settlement clears the state and its officials of any liability arising out of its revocation order.
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Source: Cy Ryan Las Vegas Sun (MCT)
