Walker & Dunlop amends Bank of America, PNC Bank credit agreements

By Marisa Wong

Madison, Wis., Aug. 28 – Walker & Dunlop, Inc.’s operating subsidiary, Walker & Dunlop, LLC, entered into a seventh amendment to its warehousing credit and security agreement dated Sept. 4, 2012 with Bank of America, NA as agent to extend the expiration date, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, completed on Tuesday, extends the expiration date of the agreement to Nov. 3, 2014 from Sept. 2, 2013 to, among other things, move the date of future annual renewals of the agreement.

On Tuesday, the companies also entered into a third amendment to their amended and restated warehousing credit and security agreement dated June 25, 2013 with PNC Bank, NA as administrative agent.

The amendment permits Walker & Dunlop, LLC to warehouse mortgage loans that have been closed, or will be closed, and funded from its unencumbered funds; to warehouse existing Federal Housing Administration construction and permanent mortgage loans, the terms of which have been modified to reduce the applicable interest rate and the monthly payments of principal and interest, under terms reviewed and approved by the Department of Housing and Urban Development; and warehouse multifamily loans sold to Freddie Mac under Freddie Mac’s Direct Purchase of Tax Exempt Loan program.

Walker & Dunlop is a Bethesda, Md.-based provider of commercial real estate financial services.

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