TORONTO, March 29 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a Canadian provider of insured mortgages, today announced that it has established a new $50 million warehouse facility with Maple Bank, the Canadian Foreign Bank Branch of Maple Bank GmbH.
"Obtaining this new warehouse facility at a competitive rate provides Xceed with an additional source of funding for our origination of insured mortgages," said Ivan Wahl, Xceed's Chairman and Chief Executive Officer. "Further, if the regulators approve our pending application to convert to a deposit-taking bank, we will have other cost-effective means of raising funds for our mortgage underwriting."
Maple Bank is the Canadian foreign bank branch of Maple Bank GmbH, based in Frankfurt, Germany. Maple Bank GmbH is a wholly owned subsidiary of Maple Financial Group Inc. Maple Financial is a privately held global financial organization based in Canada that provides banking, securities, and financial services to financial institutions, corporations, and individuals throughout the world. Maple Financial has more than 260 employees located in offices in Toronto, Frankfurt, Jersey City, London, Milan, and Halifax.
About Xceed Mortgage
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of insured residential mortgages that it originates in Canada. The company has approximately $1.9 billion of mortgages and other assets under administration. Xceed's shares are traded on the Toronto Stock Exchange (TSX: XMC). To find out more about Xceed Mortgage Corporation, visit our website at www.xceedmortgage.com.
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the mortgage industry, the ability of Xceed to continue to execute its growth and development strategy, and the reliance of Xceed on key personnel. Xceed assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in these. Additional information identifying risks and uncertainties is contained in Xceed's regulatory filings available on its website and at www.sedar.com.
SOURCE XCEED Mortgage Corporation
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