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| Accredited got a $200 million loan commitment from hedge fund  San Diego-based mortgage company Accredited Home Lenders Holdings Co. has received a commitment for a $200 million term loan from Farallon Capital Management, L.L.C. Farallon manages equity capital for institutions and high net worth individuals and is headquartered in San Francisco, California. The proceeds of the loan can be used for general working capital, the funding of mortgage loans and other corporate needs. The loan has a five-year term, an interest rate of 13% per year. Accredited will issue Farallon approximately 3.3 million warrants in a private placement, with an exercise price equal to $10 per share. The warrants expire ten years from their issuance date. The term loan when funded and the sale of $2.7 billion of mortgage loans comprise part of Accredited 's strategic steps to enhance liquidity.write your comments about the article :: © 2007 Construction News :: home page |