- BNK Banking Corporation (BBC) has secured $250 million for its residential mortgage warehouse program, named the Bullion Warehouse Trust No.1
- The funding is from Blackstone and an unnamed large bank
- Notably, all parties have signed legal documents for the funding
- BNK will use the funding to further expand the sources and stability of its future funding
- On the market this afternoon, BNK is down 1.39 per cent and is trading at 71 cents per share
BNK Banking Corporation (BBC) has secured $250 million for its residential mortgage warehouse program, named the Bullion Warehouse Trust No.1.
The company has signed legal documents for the funding from a large bank and Blackstone.
Under the agreements, the funding is available over a three-year period.
BNK will use the funding to further expand the sources and stability of its future funding.
The financial services company operates two key divisions in banking and mortgage broking aggregation.
“The establishment of our first warehouse and securitisation program puts in place one of the key foundations to support BNK’s growth aspirations,” BNK Brett Morgan said.
“This funding will improve loan economics and competitive positioning. It’s another key milestone for BNK following our inaugural tier two Hybrid
issuance in January. We look forward to working with our new partners to continue our strong growth trajectory,” he added.
On the market this afternoon, BNK is down 1.39 per cent and is trading at 71 cents per share at 2:25 pm AEST.