BNC Mortgage, Inc. Announces $150 Million Warehouse Credit and Security Agreement

Business Wire, March 17, 2000

Business Editors

IRVINE, Calif.--(BUSINESS WIRE)--March 17, 2000

BNC Mortgage, Inc., (Nasdaq: BNCM) Friday reported that they have secured a $150 million Master Loan and Security Agreement with Paine Webber Real Estate Securities, Inc.

The uncommitted facility provides warehousing for conventional, subprime and second mortgage loans. In past periods, the majority of loan production was funded at par through another financing facility, which is expiring in mid-March 2000.

In future periods, a portion of the company's cash will be used to cover any reduction in the advance rate in relation to borrowings under other available warehouse lines of credit.

BNC Mortgage is a specialty finance company engaged in the business of originating, purchasing and selling, on a whole loan basis for cash, conforming and non-conforming, residential mortgage loans secured by one-to-four family residences.

Except for historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended in Section 21E of the Securities Exchange Act of 1934, as amended and involves risks and uncertainties that could cause actual results to differ materially. These forward-looking statements can be identified by the use of words "anticipate," "may," "will," "expect," "intend," "could," "would," "remain," and "continue," or the negative or other variations thereof or comparable terminology. The company's actual results could differ materially from those anticipated in the forward-looking statements based on changes in the company's business strategy.