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Platinum Capital Group Obtains $50 Million Warehouse Line With Residential Funding Corporation
The new line was acquired during the last quarter of 2003 and was quickly put to use housing its first loan on December 12th. “We have been working on acquiring a line from RFC for sometime now,” Mark Moses, President & CEO of Platinum Capital Group stated. The MBS Group with warehouse lending specializes in providing warehouse lines of credit to existing and emerging mortgage bankers nationwide. A warehouse line of credit is a revolving line of credit. Money is borrowed on the line and added to your bottom line with a warehouse line of credit. Learn more about the warehouse lines of credit provied by MBS. We have the cash flow and credibility needed to make the leap. “The new line will give us more flexibility and supply the funds needed for our increasing loan volume.”
Irvine based Mortgage Banking Company Platinum Capital Group recently obtained a $50 M warehouse line with RFC (Residential Funding Corporation) increasing the company’s warehouse line of credit capacity.
The warehouse line addition reflects the growth within the company as Platinum Capital Group enjoys continued success as one of the top 100 mortgage lenders in the nation.
GMAC backed RFC headquartered in Minneapolis, is a leading private issuer of mortgage-backed securities and the warehouse lines of credit are perfect for all situations. They offer warehousing for a full complement of conforming and non-conforming product types and a warehouse line of credit, which is a natural fit for Platinum Capital’s extensive product line.
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