Perrin Brokers $245 Million Warehouse Line

Perrin & Associates has brokered a $245 million warehouse facility to a nonbank residential lender that is currently funding about $1 billion a month in new loans. Michele Perrin, who manages the company that bears her name, said she could not identify the warehouse provider or the client at this time. She noted that the loan is a "true funding facility" and not a gestation repo. "The loans do not have to be securitized," she said, adding that the mortgages originated, however, are being sold servicing released to an aggregator. All of the loans were funded through retail means. Perrin & Associates is based in Santa Ana, Calif. During her career in the industry, Ms. Perrin has worked in the warehouse lending division of Washington Mutual and other firms.