Southern Pacific Funding Corp., Lake Oswego, Ore., has reported that loan prepayments in the second quarter were "in line with management expectations."SPFC, which also reported "strong growth" in loan originations, said it made the unusual pre-earnings announcement in view of industry concerns about prepayments. "Management does not anticipate any significant adjustments to assets relative to recent loan prepayment experience," the company said. SPFC also announced the signing of a $50 million subordinate and residual financing facility with Nomura Asset Capital Corp. and Nomura Securities (Bermuda) Ltd. SPFC's website address is http://www.sp-funding.com.
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