BNC Mortgage Inc. Secures Additional $50 Million Warehouse Facility.IRVINE, Calif.--(BUSINESS WIRE)--Feb. 11, 1999--BNC Mortgage Inc. (Nasdaq:BNCM BNCM Bayesian Network Causal Model ) Thursday reported that they have secured a $50 million warehouse credit and security agreement with Bank United. The committed facility Committed Facility A credit facility whereby terms and conditions are clearly defined by the lending institution and imposed upon the borrowing company. Notes: In committed facilities, the borrowing companies must meet specific requirements set forth by the lending provides warehousing for conventional, subprime and second mortgage loans, and expires on Feb. 1, 2000. The company is also in discussions with several financial institutions for an additional $150 million of financing to provide the warehousing capacity for future growth in its subprime division and the acquisition of America's Lender, which is anticipated to close on or before Feb. 28, 1999. BNC (hardware) BNC - A connector for coaxial cable such as that used for some video connections and RG58 "cheapernet" connections. A BNC connector has a bayonet-type shell with two small knobs on the female connector which lock into spiral slots in the male connector when it is twisted Mortgage is a specialty finance company based in Irvine which originates and sells primarily non-conforming residential mortgage loans secured by one-to-four family residences. The company recently established a wholesale prime division to originate loans that meet the credit guidelines of FNMA FNMA abbr. Federal National Mortgage Association Noun 1. FNMA - a federally chartered corporation that purchases mortgages Fannie Mae, Federal National Mortgage Association and FHLMC See Federal Home Loan Mortgage Corporation. . The company originates its loans primarily through a nationwide network of independent mortgage brokers and subsequently sells the loans for cash on a monthly basis to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, changes in the performance of the financial markets, change in the demand for and market acceptance of the company's products, changes in the mortgage lending industry or changes in general economic conditions, including interest rates; the impact of competition; changes in the value of real estate; the ability to maintain and increase sources of funding; and other risks disclosed from time to time in the company's SEC reports and filings. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion