Fremont Financial secured $60 million credit line from banks.Fremont Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. Financial secured $60 million credit line from banks SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. -- Fremont Financial Corp., a commercial finance company, has obtained a $60 million line of credit from a consortium of banks led by Citibank CITIBANK First National City Bank N.A., the New York-based bank. Fremont Financial, a subsidiary of publicly held Fremont General Corp., specializes in providing asset-based loans An asset-based loan is a loan, often for a short term, secured by a company's assets. Real estate, A/R, inventory, and equipment are typical assets used to back the loan. The loan may be backed by a single category of assets or some combination of assets, for instance, a in the $500,000 to $5 million range to middle market companies. Fremont Financial said last week that because banks are pulling away from the middle market, it expects strong growth in its loan portfolio. |
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