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CREDIT DEPOT ANNOUNCEMENT

 GAINESVILLE, Ga., May 4 /PRNewswire/ -- Credit Depot Corporation (NASDAQ: LEND) announced today that it has received a commitment from a national commercial lending institution to lend to Credit Depot Corporation up to $6 million pursuant to a revolving mortgage warehouse credit facility, secured by the assets of Credit Depot.
 Advances under the line would be based upon eligible mortgage loans, as defined in the commitment. Funding under the commitment is subject to the satisfaction of numerous further conditions, including, among other things, the execution of definitive agreements containing additional covenants and warranties of Credit Depot satisfactory in form and substance to the lender. The company expects to use the proceeds of the facility to fund the origination of additional mortgage loans and to retire a portion of its outstanding indebtedness.
 Credit Depot Corporation is a financial services company that provides intermediate-term residential mortgage financing to individuals who are unable to receive financing from traditional banking sources. These loans are collateralized by residential first and second mortgages, primarily on owner-occupied properties.
 -0- 5/4/93
 /CONTACT: Gerald F. Sullivan, president and CEO of Credit Depot, 404-531-9927/
 (LEND)


CO: Credit Depot Corporation ST: Georgia IN: SU:

BN-BR -- AT007 -- 4338 05/04/93 12:40 EDT
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Publication:PR Newswire
Date:May 4, 1993
Words:203
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