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Optimizes Working Capital to Facilitate Cash Management and Growth
Broadmark Realty Capital Inc. (NYSE: BRMK) (the "Company"), an internally managed secured real estate finance company, today announced that the Company has obtained a new $135 million secured revolving credit facility with a three-year term. JPMorgan Chase Bank, N.A. acted as administrative agent for the lending group, which included Barclays Bank PLC, Axos Bank, VNB New York, LLC and China CITIC Bank International Limited.
David Schneider, Executive Vice President and Chief Financial Officer of the Company, commented, "We are very pleased to announce another milestone for Broadmark – the closing of our new revolving credit facility, which enhances our access to competitively-priced capital. While we have historically operated without debt, we believe an appropriately sized revolving credit facility will enhance our ability to manage cash and enable us to use a larger percentage of our cash balances for lending activities. The revolving credit facility is consistent with our stated goal to enhance our cash management rather than a change in our funding plans. The support from our banking group has been incredible, and we are excited to work with them in the continued evolution of Broadmark."
About Broadmark Realty Capital
Broadmark Realty Capital Inc. (NYSE: BRMK) an internally managed commercial real estate finance company that provides secured financing, offers short-term, first deed of trust loans secured by real estate to fund the acquisition, renovation, rehabilitation or development of residential or commercial properties. Broadmark Realty Capital manages and services its loan portfolio across a variety of market conditions and economic cycles.
Forward Looking Statements
Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These statements are based on the current expectations and are not predictions of actual performance. In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company’s overall business, including those more fully described in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and the Company undertakes no obligation to update or revise any forward-looking statements except as required by law.
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