Transnational Financial Network Inc., a wholesale and retail mortgage bank based in San Francisco, has announced the closing of a private placement of approximately $2.69 million of 8.5% convertible subordinated debt.Transnational said the 10-year debt is redeemable in whole or in part by the company at 120% of the principal amount for 18 months from the date of issue, at 115% during months 19 to 24, and at 110% thereafter. The proceeds will be used as collateral to expand Transnational's warehouse facilities to finance the closing of bulk home equity lines and "position the company to achieve as much as 300 basis points gain on sale on production through the use of bulk sale contracts for a portion of the mortgages it originates," the company said. Transactional can be found on the Internet at http://www.transnational.com.

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