Walter Investment Management (WAC) priced $135 million of notes backed by residential mortgages to be sold through a new unit. The company expects to close the sale by the end of November and plans to use proceeds for its “proposed growth objectives.” The Tampa, Fla.-based real estate investment trust said it will privately place the 35-year notes through Mid-State Capital Trust. The debt is secured by residential mortgages, building and installment sale contracts, promissory notes, related mortgages and other security agreements. The Trust will offer $56 million of Class-A notes at 3.5% and $78 million of Class-M notes at 5.25%. Last week, Bloomberg reported the firm is planning to sell up to $220.5 million of securities backed by contracts used to finance residential construction. Write to Jason Philyaw.
Walter Investment Management prices $135 million RMBS
Most Popular Articles
Latest Articles
Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.