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20

Home Capital Sells Mortgage Assets to KingSett For C$1.16 Billion in Cash

By Tony Seruga

Portfolio of commercial mortgages valued a C$1.2 billion
Proceeds to be used to improve liquidity and pay down debt

Home Capital Group Inc., the embattled alternative lender, agreed to sell a clutch of commercial mortgages to affiliates of KingSett Capital Inc. for C$1.16 billion ($874 million) in cash.

Proceeds will be used to boost liquidity and reduce the amount drawn on its C$2 billion credit facility, the Toronto-based company said in a statement on Tuesday. While the mortgages are valued at C$1.2 billion — some 6 percent of Home Capital’s total C$18.5 billion loan portfolio — about 97 percent of this will be realized with the balance subject to credit losses…

Home Capital Sells Mortgage Assets to KingSett For C$1.16 Billion in Cash

Categories : Finance, Real Estate

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