Velocity Financial Inc. has fresh money to make new mortgage loans.
The Westlake Village mortgage lender announced it has entered a $200 million warehouse facility with Barclays Bank to finance new loan originations. The facility is non-mark-to-market, which means its terms don’t adjust with market interest rates.
Velocity also entered a $175 million, five-year term loan with a syndicate of lenders including funds managed by Blackrock’s U.S. Private Capital group, Oaktree Capital Management and UBS O’Connor. That facility has an initial fund of $125 million with another $50 million available as a delayed draw. It will be used for new loan originations as well as debt refinancing.