Alternative mortgage provider bolsters $200 million credit facility

Alternative mortgage provider bolsters $200 million credit facility

Alternative mortgage provider bolsters $200 million credit facility

Neighbourhood Holdings has announced the closing of the amendment and extension of its $200 million syndicated credit facility, as well as a significant upgrade to its available credit.

The committed, revolving credit facility, led by ATB Financial, saw its term extended and its available credit expanded by $50 million. This deepened “Neighbourhood’s already strong relationships with its five-bank syndicate,” the lender said.

“This amendment provides certainty of financing, underpinning a solid platform for growth to allow Neighbourhood to continue to finance Canadian home buyers and homeowners,” the company added.

Read more: Neighbourhood Holdings announces new three-year offering

Taylor Little, chief executive officer of Neighbourhood Holdings, said that the announcement represented a “significant milestone” for the firm.

“We couldn’t be more proud or appreciative of the continued trust and support we’ve received from ATB Financial and our five-bank syndicate,” Little said. “Alongside investors and broker partners, these relationships are a key pillar supporting our status as one of Canada’s leading alternative lenders, and will be crucial in our ongoing efforts to transform the lending industry and the ways in which mortgage capital is distributed.”