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A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. The cycle starts with the mortgage banker taking a loan application from the property buyer.
A revolving loan is a particularly flexible financing tool as it may be drawn by a borrower by way of straightforward loans, but it is also possible to incorporate different types of financial accommodation within it – for example, it is possible to incorporate a letter of credit, a swingline (that is, a short-term borrowing that is funded on ...
CoreSite Amends and Increases Revolving Credit Facility Amendment converts the facility to unsecured, increases availability to $355 million, extends the maturity, and lowers the rate spread ...
PHILADELPHIA--(BUSINESS WIRE)-- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) has entered into a new Credit Agreement ("2013 Revolving Facility") moving from secured to unsecured ...
An asset-based line of credit however, will generally have a revolving credit limit that fluctuates based on the actual accounts-receivable balances that the company has on an ongoing basis. This requires the lender to monitor and audit the company to evaluate the accounts receivable size, but also allows for larger limit lines of credits and ...
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A revolving credit line allows borrowers to draw down, repay and reborrow as often as necessary. The facility acts much like a corporate credit card, except that borrowers are charged an annual commitment fee on unused amounts, which drives up the overall cost of borrowing (the facility fee).
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