Walker & Dunlop Gets Increased Warehouse Facility

Commercial mortgage lender Walker & Dunlop LLC has entered into an amended and restated warehouse credit agreement with PNC Bank that ups its existing $450 million facility to $650 million.

PNC is providing $450 million of the expanding facility, with Wells Fargo the remaining $200 million, according to an 8-K filing obtained via DisclosureNet.com. The line now expires on June 24, 2014.

Advances are made at 100% of the loan balance. It will be used to originate multifamily loans originated through programs offered by Fannie Mae, Freddie Mac, the Department of Housing and Urban Development and the Federal Housing Administration. Interest is set at Libor plus 150 basis points.

As of June 25, Walker & Dunlop had $218.5 million of borrowing outstanding on this warehouse line.

Its first-quarter origination volume increased 157% on a year-over-year basis to $1.73 billion. The company said the increase was due in large part to the acquisition of CWCapital in August.

Walker & Dunlop finished 2012 as the No. 1 lender in Fannie Mae’s Delegated Underwriting and Servicing program.