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WASHINGTON MORTGAGE INAUGURATES PERMANENT FIXED-RATE FINANCING FOR HEALTH CARE FACILITIES ON NATIONWIDE BASIS

 VIENNA, Va., June 21 /PRNewswire/ -- Washington Mortgage Financial Group, Ltd. (WMF) is now making first mortgage loans on a nationwide basis to experienced owner-operators of long-term care facilities seeking refinancing.
 "Operators of nursing homes and other long-term care facilities are primarily local players used to receiving financing from local sources," noted Shekar Narasimhan, president of Washington Mortgage Financial Group. "Many of these sources no longer exist, and those that remain offer only adjustable rate or short-term loans. What we're doing is bringing long-term financing stability to this underserved yet critical market -- and we're doing it throughout the country."
 Under the program, loans are originated by AGM Financial Services of Minneapolis, a WMF affiliate. After closing, the loans are pooled into mortgage-backed securities and sold on the secondary market by Daiwa Securities of America, which has committed to purchase at least $200 million of WMF's long-term care loans through the remainder of 1993. Servicing is performed by WMF/Huntoon, Paige Associates Limited of Jersey City, a WMF subsidiary, which currently services $1.5 billion in mortgage loans for nursing homes, hospitals, and related facilities.
 Two fixed-rate mortgage products, both in amounts of up to 70 percent loan-to-value, are currently available from WMF. One carries a 10-year term, the other a 20-year term. Both are based on a 20-year amortization schedule.
 Eligible borrowers include licensed, seasoned owners of skilled nursing, board and care, assisted living, personal care, residential care, and related facilities seeking refinancing to pay off existing mortgages that are coming due or ballooning, or to pay off existing loans and fund renovations.
 The entrance into long-term care facility financing follows WMF's participation with Daiwa in April of this year in the first publicly- traded security collateralized by $203 million of performing long-term care facility loans formerly owned by the Resolution Trust Corporation.
 The new program marks WMF's latest strategic diversification in the mortgage banking industry. In March, the company launched WMF Residential Mortgage Corporation, a single family wholesale lender.
 WMF is a lender and servicer of mortgage loans to conventional multifamily properties, health care facilities, FHA-insured properties, and single family homes. The company and its subsidiaries currently service a total mortgage loan portfolio in excess of $4 billion.
 -0- 6/21/93
 /CONTACT: Barbara Ekstrom of Washington Mortgage Financial Group, 703-821-0316/


CO: Washington Mortgage Financial Group ST: District of Columbia IN: FIN HEA SU:

IH-DC -- DC005 -- 3956 06/21/93 09:53 EDT
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Date:Jun 21, 1993
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