Sunset Securitizes $219M of Loans

Sunset Financial Resources Inc., a real estate investment trust based in Jacksonville, Fla., has reported the securitization of $219.4 million of residential mortgage loans.Sunset contributed the loans to J.P. Morgan Trust 2004-A3 and received a like amount of investment securities. "This securitization represents a significant milestone in the execution of our business plan," said Byron Boston, Sunset's chief investment officer. "To successfully convert our whole-loan purchases to mortgage-backed securities in the first full quarter of our operating history is a solid accomplishment." Sunset also reported the execution of an amendment to its $250 million senior secured credit agreement with J.P. Morgan that creates an $18.75 million sub-limit relating to commercial mortgage bridge loans that meet certain criteria. The REIT can be found on the Web at http://www.sunsetfinancial.net.