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New warehouse for Adelaide Bank

15 August 2008 4:23PM
Adelaide Bank has extended its mortgage funding capacity with a new warehouse facility. The initial funding is for $101.9 million but the deal has been structured as a revolving facility and additional assets can be added.A bank spokesman said with the new deal Adelaide Bank had $6 billion of warehouse capacity - $1.8 billion of it undrawn.The facility will support origination from Adelaide Bank branches and from the bank's wholesale mortgage operation.Adelaide Bank and its parent, Bendigo Bank, still operate under separate ADI licences, despite having implemented their merger last NovemberThe amalgamation under one licence is expected to occur by the end of this year.Moody's Investors Service said that it had assigned a AAA rating to the $93 million senior tranche of the issue, Torrens Series 2008-2(W) Trust.Ninety per cent of the mortgages sold into the trust must have fully verified income documentation.

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