Luminent Mortgage Capital Inc., recently subject to a bailout by Arco Capital Corporation, said today that it has repaid debt on warehouse lines used to finance the purchase of or commitments to buy $915.7 million of whole loans. The company said $1 billion worth of its warehouse credit has been terminated, leaving it with two remaining warehouse facilities totalling $1.5 billion. Luminent did not specify in its press statement if it voluntarily terminated the $1 billion facility or was forced to do so by a creditor. Luminent also said it had laid of 15 staff members in a cost reduction effort designed to help the troubled REIT weather its current liquidity problems, with company CEO Trez Moore saying the company’s efforts were designed to help it “capitalize on investment opportunities.”
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Low rates are making this summer one for the record books. Accordingly, loan officers, underwriters, real estate agents and those working in title and settlement offices are continuing to work the long hours that have become the norm since March. Not that they’re complaining.