Homeowners Financial Corp. closes a 5.0 million dollar warehousing line and a 4.0 million dollar long term loan to complete the acquisition of Developers Mortgage Corp.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Sept. 11, 1995--Homeowners Financial Corp. (HOFC HOFC Hall of Fame Classic ) is pleased to announce that it has completed a long term financing with First Bank Association (FBN FBN Fly By Night FBN Fictious Business Name FBN Furniture Brands International, Inc. (stock symbol) FBN Florida Board of Nursing FBN Fibrillin FBN First Bank of Nigeria Plc FBN File Box Number FBN Federal Base Networks ) Minneapolis, Minn. which includes a $4.0 million, five year loan due August 31, 2000, and a $5.0 million, one year warehousing line to provide interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. for the purchase of mortgage loans that are acquired for resale. The long term loan is being utilized to retire debt with Franklin Federal Bancorp, at more favorable interest rates, and to complete the final payment for Developers Mortgage Corp. and certain assets of Developers Service Corp. HOFC currently owns the servicing rights to mortgages with remaining unpaid principal balances of approximately $620.7 million. For further information contact Wayne Kight, Vice President, at 407/447-0611. CONTACT: Homeowners Financial Corp., Boca Raton Wayne Kight, 407/447-0611 |
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