Resimac finds new funding

John Kavanagh
Mortgage servicer Resimac has secured a new $100 million warehouse line through nabCapital's MiraStar program.

Resimac managing director Mary Plougham said yesterday that the company had sold $100 million of prime mortgages into MiraStar.

Pricing on the warehouse deal, which is funded by a commercial paper issue, was not disclosed. Standard & Poor's reported that the $82.7 million senior tranche had been rated AAA. Those notes will be repo eligible.

Plowman said the establishment of a new warehouse facility was a vote of confidence in the business, which has continued to provide funding to the 250 originators with which it has relationships.

Plougham said: "A lot of banks are not taking on new clients now. The feedback we got from NAB was that the CP issue was overbid. That is a good sign."