| Business Summary | | Pioneer
Commercial
Funding
Corp.
does
not
have
any
operations
at
this
time,
and
is
seeking
other
business
opportunities.
Prior
to
August
1999,
when
the
Company
sold
its
assets
constituting
its
mortgage
lending
business,
the
Company
was
engaged
in
the
business
of
a
mortgage
warehouse
lender,
providing
short-term
financing
to
small
and
medium-sized
mortgage
bankers
that
hold
warehouse
mortgage
loans.
Financing,
which
generally
consisted
of
a
10-
to
90-day
loan,
was
originated
pending
the
non-recourse
sale
of
the
loans
to
institutional
investor
agencies
in
the
secondary
mortgage
market,
such
as
the
Government
National
Mortgage
Association,
the
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
and/or
accredited
financial
institutions,
such
as
banks,
thrifts,
insurance
carriers
and
large
mortgage
bankers.
As
of
December
31,
2000,
the
Company
had
no
customers
and
funded
no
loans. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Pioneer
Commercial
Funding,
prior
to
the
sale
of
its
assets
in
the
third
quarter
of
1999,
was
a
mortgage
warehouse
lender
providing
short-term
financing
to
small
to
medium
sized
mortgage
bankers.
For
the
six
months
ended
6/30/01,
revenues
decreased
67%
to
$58
thousand.
Net
loss
fell
41%
to
$773
thousand.
Revenues
reflect
no
new
loans
being
funded
during
the
latter
period.
Lower
loss
reflects
decreased
interest,
compensation
and
professional
fees. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Boaz Harel, 37 Chairman | $100K | M. Albert Nissim, 67 Pres | 114K | David Sass, 65 Sec.,
Director | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|