If I may answer...I've been wondering that myself. I read DD here regarding about 26 loan applications that they company was either working on or holding for a correction in the market. 5 or 6 of them dropped out, right guys? And they still have a stack of applications they are working on for the bcloc program.
My thought was that the applicants were forced to wait for a while while the market corrected itself. Interest rates started climbing a couple of years ago, and the financiers knew it was coming months before (that's probably why so many financial co.'s started marketing the subprime loans...they knew prime was going to go up soon.) I'm just guessing that this is why the bcloc didn't take off a couple of years ago. somewhere in there is the answer...it was the right concept at the wrong time.
Before that, wasn't hcpc into retail mortage? (sorry if i don't use the correct verbage) Perhaps they have been doing business, but not the commercial lending they are into now, which is what we are buying into now.
Anyway, they haven't been spinning their wheels since 1994. They've just changed their game plan to a more secure market...out of home mortgages and into securitized commercial lending. They will only lend on income-producing properties now, in other words.