The former chief of a major subprime mortgage lender has taken the reins at a national hard money lender.
L. Andrew Pollock was president and chief executive officer of First Franklin Financial Corp. until it was closed down by parent Merrill Lynch in 2008.
Pollock, who spent 19 years at the San Jose, Calif.-based subprime lender, was among a handful of subprime executives to testify in 2007 at a Senate Banking, Housing and Urban Affairs Committee hearing about subprime lending practices.
First Franklin reported $41.1 billion in residential originations for 2006.
Since the demise of First Franklin, Pollock has worked for Global Logic Advisors LLC, First California Mortgage Co. and Rushmore Loan Management Services LLC.
Now, Pollock is running WDB Funding LLC.
The Salt Lake City-based company announced last week that Pollock has been named president and CEO.
WDB describes itself as “a direct national private money lender on commercial and residential properties that provides fast and flexible asset-based lending to borrowers that do not meet today’s stringent conventional requirements and underwriting guidelines.”
The lender provides first mortgage purchase financing and refinancing for non-owner occupied properties. It also finances rehabilitation loans for investors.
In addition, WDB lends on multifamily and mixed-use properties.
In his new role, Pollock will provide day-to-day leadership, operational management and execution of WDB’s strategy, according to the news release.
“The national private lending market is grossly underserved, and WDB Funding fills the extensive gaps in today’s financing environment.” Pollock said in the statement. “The industry has an extended demand for common sense lending for alternative financing, equity lending and non-traditional products and programs. I am thrilled to become a part of WDB Funding.”
