Franklin Credit Announces New $40 Million Warehouse Credit Facility

Franklin Credit Management Corporation, a specialty consumer finance company primarily engaged in the acquisition, origination, servicing and resolution of performing, reperforming and nonperforming residential mortgage loans, today announced that it has entered into a new $40 million Flow Warehousing Credit and Security Agreement with Sky Bank.

The new loan facility with Sky Bank will be used to accumulate loans acquired by Franklin through its Flow Acquisition Group prior to the consolidation of such loans into term debt. The Flow Warehousing Credit and Security Agreement does not replace any of the Company’s existing bank facilities.

“We are very pleased to announce our new warehouse facility with Sky Bank and to welcome LaSalle Bank as a 50% participant,” noted Gordon Jardin, Chief Executive Officer of Franklin Credit Management Corporation. “This new facility will provide additional borrowing capacity for our loan acquisition activities.”