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
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