Sovran Self Storage Inc., a real estate investment trust based in Buffalo, N.Y., has announced an increase in its line of credit from $75 million to $100 million and a provision allowing for its expansion to as much as $200 million.The REIT said the modification also provides for a decrease in the interest rate to the London interbank offered rate plus 0.9%; a one-year increase in the term to September 2007; the elimination of the facility's non-usage fee; and the imposition of a 20-basis-point facility fee. The lead arranger was Banc of America Securities, with participation by M&T Bank, PNC Bank, SunTrust, HSBC, Chevy Chase, and Citizens Bank. The REIT can be fund online at http://www.sovranss.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18