Luminent Mortgage Capital Announces Committed Whole Loan Warehouse Facility
Luminent Mortgage Capital, Inc. (NYSE:LUM) has entered into a $1 billion warehouse facility, $250 million of which is on a committed basis, with Greenwich Capital Financial Products, Inc., to fund whole loan purchases.
“This agreement demonstrates our continued ability to access the capital markets to fund our growth,” said Gail P. Seneca, Chairman of the Board and Chief Executive Officer.
“Obtaining additional committed financing in this market environment further solidifies our strong liquidity position, and allows us to grow our profitable whole loan business,” said S. Trezevant Moore, Jr., President and Chief Operating Officer. “This facility provides very favorable funding terms and enhances our ability to manage through market disruptions.”
Luminent was formed in April 2003, and its common stock trades on the New York Stock Exchange under the ticker “LUM.” Luminent’s Residential Mortgage Credit strategy invests in mortgage loans originated in cooperation with selected high-quality providers within certain established criteria, as well as subordinated mortgage-backed securities that have credit ratings below AAA. Luminent’s Spread strategy invests primarily in US agency and other highly-rated single-family, adjustable-rate and hybrid adjustable-rate mortgage-backed securities and leverages these investments through repurchase agreements and commercial paper. Luminent’s website can be found at www.luminentcapital.com.