First Industrial Realty Trust Inc., Chicago, has gotten a $200 million unsecured term loan which will be used to repay other debt and for general corporate purposes.
Wells Fargo Securities and
The new debt will be used to prefund borrowings which come due this year and next. It has interest-only payments. The initial interest rate is Libor plus 175 basis points.
A swap agreement effectively gives the loan an interest rate of 4.04% per year.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
Mike Kortas will be adding a separate mortgage servicing company and hiring NEXA loan officers to assist with the process and give them customer insights.
The latest government-sponsored enterprise changes include a more flexible sampling and a longer maximum term for some manufactured housing loans, respectively.
The product preserves borrower's first mortgage, and its potentially lower mortgage rate, without requiring the new monthly payments of a traditional HELOC, FOA says.
The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.
