{"id":9840,"date":"2018-05-16T11:01:55","date_gmt":"2018-05-16T15:01:55","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?guid=8c1b971fbe5a0d803c2afb624b7baa56"},"modified":"2018-05-16T11:01:55","modified_gmt":"2018-05-16T15:01:55","slug":"home-capital-secures-cheaper-credit-line-from-two-canadian-banks","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/05\/16\/home-capital-secures-cheaper-credit-line-from-two-canadian-banks\/","title":{"rendered":"Home Capital secures cheaper credit line from two Canadian banks"},"content":{"rendered":"<p>TORONTO &#8212; Home Capital Group Inc. has secured a $500-million standby credit line from two unnamed Canadian banks to replace its more costly emergency funding facility from Warren Buffett&#8217;s Berkshire Hathaway Inc.<\/p>\n<p>The Toronto-based alternative mortgage lender says its subsidiary Home Trust Company has inked a letter of commitment from two Canadian Schedule 1 banks for the two-year secured line of credit facility.<\/p>\n<p>Home Capital&#8217;s chief financial officer Brad Kotush says this new credit line has a lower aggregate cost than its current $2-billion funding facility, which matures at the end of June.<\/p>\n<p>Last June, Buffett&#8217;s investment firm bought a stake in Home Capital Group and provided its subsidiary with a $2-billion line of credit.<\/p>\n<p>The credit line gave the Toronto-based lender some much needed liquidity after it faced a run on deposits, amid allegations of misleading disclosure to investors.<\/p>\n<p>Kotush says Home Capital has sufficient liquidity and has significantly reduced its reliance on demand deposits, and does not intend to draw on the new, cheaper credit facility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO &mdash; Home Capital Group Inc. has secured a $500-million standby credit line from two unnamed Canadian banks to replace its more costly emergency funding facility from Warren Buffett&rsquo;s Berkshire Hathaway Inc. The Toronto-based alternative mortgage lender says its subsidiary Home Trust Company has inked a letter of commitment from two Canadian Schedule 1 banks [&hellip;]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9840"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=9840"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9840\/revisions"}],"predecessor-version":[{"id":9842,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9840\/revisions\/9842"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=9840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=9840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=9840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}