Zais Financial Corp., Red Bank, N.J., has closed on a $150 million committed financing facility which it will use to purchase whole residential loans.
The facility is a master repurchase agreement with Citibank NA. Other terms of the line were not disclosed.
Already the company has drawn on $78.5 million of the line to fund a portion of its purchase on May 31 of a loan portfolio with an unpaid principal balance of $136.6 million. The seller was not disclosed.
This portfolio purchase “moves us towards our long-term asset allocation target with respect to whole loans,” said Michael Szymanski.
According to its 1Q13 results press release, Zais as of March 31 had a whole loan portfolio with principal balance of approximately $17.7 million and a fair value of approximately $10.8 million. It also invests in agency and nonagency mortgage-backed securities.
Zais is a real estate investment trust which invests in and finances residential mortgage assets. In February, it priced its
