MOORESTOWN, N.J.--(BUSINESS WIRE)--Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) (“Cherry Hill” or the “Company”), today announced that it has entered into a loan agreement with NexBank SSB as lender. Under the agreement, the Company may borrow up to $25 million for general corporate purposes, including purchasing Excess MSRs and whole MSRs.
The loan will be secured by the pledge of the Company’s existing portfolio of Excess MSRs. Payments on the loan will be made monthly based on a ten-year amortization schedule with a maturity date in March 2020.
“We are pleased to execute on this initiative,” said Jay Lown, Cherry Hill Mortgage Investment Corporation’s President and Chief Investment Officer. “Being able to obtain leverage on the Excess MSR portfolio confirms our view of the value of this asset class.”
About Cherry Hill Mortgage Investment Corporation
Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. Cherry Hill Mortgage Investment Corporation is externally managed and advised by Cherry Hill Mortgage Management, LLC, which is an affiliate of Freedom Mortgage Corporation.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, and other documents filed by the Company with the Securities and Exchange Commission.