Equity Inns Inc., Germantown, Tenn., has obtained a new $150 million unsecured line of credit from a syndicated group of banks co-led by J.P. Morgan Securities Inc. and Calyon New York Branch.The real estate investment trust said the facility bears a variable rate of 1.25%-1.88% over the London interbank offered rate and includes an accordion feature that allows Equity Inns (subject to certain lender approval) to extend the borrowing capacity to $250 million. It matures in September 2010, with a one-year extension at the company's option. The hotel REIT can be found on the Internet at http://www.equityinns.com.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17