Toll Brothers, Inc., (NYSE:TOL) said Thursday it has finalized a new $210 million mortgage warehouse facility through its wholly-owned TBI Mortgage subsidiary. The facility increases the existing $150 million mortgage warehouse facility and extends its maturity to October 2017. Comerica acted as administrative agent, with BB&T and Flagstar participating in the facility.
TBI Mortgage is the wholly-owned subsidiary of Toll Brothers, Inc. that provides home mortgages to approximately 60% of the Toll Brothers customers who finance the purchase of their home. TBI Mortgage underwrites, issues and services the loan until it is sold to an institutional investor.
Donald Salmon, TBI Mortgage’s president, stated: “With the strong credit profiles of our customers, the increase in the facility will allow TBI Mortgage to continue to offer superior mortgage products to Toll Brothers’ buyers and financially sound product to our partners as we continue to grow.”
