MortgageReverse

Walter Secures $200 Million Loan to Fund Operations, Mortgage Originations

Walter Investment Management Corp. (NYSE: WAC) has secured a $200 million loan to use in part toward funding its mortgage origination channels, the company stated Tuesday in a filing with the Securities and Exchange Commission. 

The company borrowed the entire amount on June 6, indicating “The proceeds of the Incremental Secured Credit Facility will be utilized to increase the company’s liquidity, fund working capital requirements relating to the Company’s mortgage origination business, for other general corporate purposes (including hedging activities and acquisitions)…”

The loan comprises four lenders with Credit Suisse AG as the administrative agent among lenders Morgan Stanley Senior Funding, Barclays Bank and Bank of America. 

Walter has recently made two acquisitions in the reverse mortgage space including Reverse Mortgage Solutions for $122 million and Security One Lending for up to $31 million. 

The company saw record earnings in the first quarter, citing future growth potential in its reverse mortgage business. 

View the SEC filing. 

Written by Elizabeth Ecker

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