Pursuits
Shrinking Lenders in Mortgage Hub Cut Into Recovery: Real Estate
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CashCall Inc., a lender run by racehorse aficionado Paul Reddam, is one of the mortgage industry’s biggest office tenants in Orange County, California. It’s about to get smaller.
The company has almost doubled its office presence in the past three years to more than 400,000 square feet (37,000 square meters). Now it is seeking to sublet about 40 percent of its space as rising interest rates start to hurt lenders, said Jay Carnahan, founder of Orion Property Partners Inc., the Irvine, California-based brokerage representing CashCall.