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Xceed Mortgage Announces New 0 Million Credit Facility
TORONTO, Nov. 2 /- Xceed Mortgage Corporation (TSX: XMC), a leading
non-traditional mortgage lender, today announced that it has established a new
0 million warehouse credit facility with Deutsche Bank AG. The new credit
facility replaces an existing million warehouse line of credit with a
syndicate of Canadian chartered banks.
"This expanded line of credit provides us with greater flexibility in
originating and funding mortgages, prior to their sale to a securitization
trust," said Ivan Wahl, Chairman and Chief Executive Officer.
"This new facility provides Xceed with significantly improved terms and
an added capacity to originate larger pools of mortgages in order to grow our
mortgage business."
About Xceed
Xceed is one of a new breed of alternative residential mortgage lenders
in Canada. Xceed helps Canadians fulfill their aspirations of home ownership.
Its borrowers range from those who have solid credit and income histories but
have not managed to save a down payment, to those who have gone through
periods with limited and specific credit difficulties but have since recovered
and repaired their credit. A growing proportion of Xceed's applicants are
renters, self-employed entrepreneurs, and recent immigrants to Canada, who may
otherwise not conform to major banks' electronic credit-scoring criteria.
By meeting the needs of Canadians for alternative financing, Xceed
Mortgage Corporation has grown to become one of the largest non-traditional
residential mortgage financing companies in Canada, operating in a market that
is estimated to have a potential size of approximately billion.
Established in 1997, Xceed completed an initial public offering of common
shares in June 2004. Its shares are traded on the Toronto Stock Exchange. To
find out more about Xceed Mortgage Corporation (TSX: XMC), visit our website
at www.xceedmortgage.com.
Contact Brent Irving a mortgage broker with Global Mortgage Corp. about obtaining a mortgage from Xceed. |
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