The parent of mortgage lead provider LendingTree has scored a warehouse line for its origination unit.
Charlotte, N.C.-based Tree.com announced today that it has arranged a $75 million warehouse line.
The new line will be utilized by LendingTree LLC subsidiary Home Loan Center Inc., which also operates as LendingTree Loans.
The Irvine, Calif.-based unit “is a licensed mortgage lender/broker authorized to do business in every state,” according information reported online. LendingTree Loans competes with other lenders on LendingTree’s network for online loan requests.
The warehouse line was provided by Chase Mortgage Warehouse Finance, Tree.com said. The line has a one-year term and is used to fund conventional agency loans and FHA-insured loans.
Tree.com Chairman and Chief Executive Officer Doug Lebda noted in the news release that another $50 million warehouse line is set to expire next month.
“This is a great nod of support for Home Loan Center’s financial strength and gives us added capacity and flexibility,” Lebda added.
