Boston, MA 04/29/2014 (wallstreetpr) – Owens Realty Mortgage, Inc. (NYSE MKT:ORM) made an announcement yesterday that it has arrived at a deal involving a fresh revolving credit line with Opus Bank (“Opus”). As per the new credit line, the maximum borrowings are kept at $20,000,000 or to a lesser amount subject as determined on the basis of borrowing base calculations as outlined in detail in the associated agreements. The new line of credit will be guaranteed against specified assets of Owens Realty Mortgage, Inc., which includes its property assets as well as a collateral interest held in promissory notes issued by the Company its routine course of business. As per the agreement, advances on the line could take place till April 1, 2016 and the outstanding amount(s) are to be paid on or before April 1, 2017.
To Increase Commercial Lending
Owens Realty Mortgage, Inc. (NYSE MKT:ORM)’s Chairman and Chief Executive Officer, William Owens, said that through this revolving credit line, the company eyes incredible opportunity to narrow the gap between the special funding requirements of real estate investors and the company. Moreover, the latest credit line empowers the company’s team with adequate capital resources to take the mortgage lending facilities higher. Owens added that the new credit line is over and above the revolving credit line that the company had entered earlier this year with California Bank & Trust.
About The Company
Owens Realty Mortgage, Inc. is a finance mortgage company developed to be eligible as a real estate investment trust (“REIT”). The company has a focus on theinitiation, investment along with the management of commercial real estate mortgage loans. Owens Realty Mortgage, Inc. (NYSE MKT:ORM) offers tailor-made, short-term capital to cater to the needs of the small as well as middle-market investors that demand fast loans with flexibility. The main objective of the company is to give an attractive current income to its investors and generate long-term value for its shareholder.
