Southern Pacific Funding Corp., Lake Oswego, Ore., has received a $300 million warehouse line from First Union National Bank, Charlotte, N.C. SPFC will use the line to fund first- and second-lien nonconforming loans."Southern Pacific's total global warehouse financing facilities currently exceed $1.3 billion, and we expect to develop additional warehouse financing alternatives to strengthen our balance sheet and to continue to fund expanding loan origination growth," said Robert W. Howard, vice chairman and chief executive of Southern Pacific.
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