American Residential and American Mortgage Network Secure $75 Million JPMorgan Chase Bank Warehouse Line.Business Editors DEL MAR Del Mar is the name of several places in the United States of America:
American Residential Investment Trust, Inc. (NYSE NYSE See: New York Stock Exchange : INV INV abbr. in vitro fertilization ) and its mortgage banking subsidiary, American Mortgage Network (AmNet), announced today that it has secured a $75 million senior secured revolving warehouse line funded by JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. Bank. The one-year agreement contains provisions for JPMorgan Chase to increase the warehouse line through relationships with additional leading financial institutions at the Company's request. American Residential anticipates that the current warehouse facility will increase significantly in 2002. JPMorgan Chase has the option to decrease its individual lending obligation after six months, as the warehouse facility expands. "Building a relationship with JPMorgan Chase as a lender and as the agent for a warehouse syndicate gives us the capability to handle the increased marketplace demand for refinances as well as first-time purchases," said John M. Robbins, Jr., Chief Executive Officer of American Residential Investment Trust. "Despite a tough economic environment, home sales are strong due to historically low interest rates. This credit facility increases our ability to fund mortgage loans. At the same time, we can allocate internal capital to rapidly expand infrastructure and strengthen the market presence of American Mortgage Network." American Mortgage Network began originating mortgages in November 2001 through the wholesale channel and exclusively serves the mortgage broker community nationwide. Regional sales and underwriting centers are located in Roseville (Sacramento), California and Lake Oswego Lake Os·we·go A city of northwest Oregon, a residential suburb of Portland. Population: 35,800. (Portland), Oregon. Centers in New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Connecticut and Atlanta, Georgia are scheduled to open by January 2002. Another eight regional centers are planned to open by the end of 2002. About American Residential Investment Trust American Residential Investment Trust, Inc. is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that has traditionally invested in non-conforming, residential mortgage assets. For more information on American Residential, please visit the Company's web site at www.amerreit.com. About American Mortgage Network American Mortgage Network (AmNet) is a taxable REIT subsidiary of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of regional centers. Certain matters discussed in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of federal securities laws. Forward-looking statements include statements regarding the Company's plans to increase warehouse borrowing capacity, its ability to meet loan funding demands, expanding AmNet's loan production capabilities and the Company's schedule for opening new regional sales and underwriting centers. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to, the availability of financing for the origination; acquisition or securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of mortgage assets; lack of Company experience in opening regional offices and generating mortgage loans; general economic conditions; mortgage loan prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. rates; credit losses; overall interest rates; the shape of the yield curve; the availability of suitable mortgage assets; the impact of leverage; the Company's liquidity position; and other risk factors outlined in American Residential Investment Trust's SEC reports. |
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