The five creditors were identified as Bear Stearns, Citigroup, Credit Suisse, Royal Bank of Scotland and UBS The company further confirmed that without the additional capital it may have to file for bankruptcy protection. The funding was to be raised through the sale of convertible notes. Having initially been scheduled for March 20, the company pushed back the sale until March 24. On April 1, 2009, Thornburg Mortgage announced that it would officially cease operations, and enter Chapter 11 bankruptcy. After the sale of all remaining assets, it would no longer exist as a going concern. The company's business model was originally a conventional passive mortgage REIT, but Thornburg Mortgage later branched out to originating mortgages, selling directly to consumers (direct retail origination) and wholesale origination. The company marketed its products via print advertising, direct mail and online, avoiding the significant expenses associated with maintaining a network of branches. Other ways that the company looked to reduce expenses was by outsourcing the underwriting and servicing of mortgages. Thornburg Mortgage's customers were typically affluent and with superior credit. According to the company's own figures (as of March 31, 2007), the average borrower had an annual income of $204,012 and a FICO score of 743. The rate of borrower default on these loans had also historically been significantly lower than the industry average.