Bank does double deal for Freedom

Real Estate Weekly, August 27, 2003

FleetBoston Financial Corporation announced that its financial institutions group has provided a $118 million warehouse and $11.5 million servicing facility for Freedom Mortgage Corporation.

Fleet National Bank is the administrative and collateral agent for the transaction, which was syndicated to five other banks.

This financing package provides additional liquidity to the company, which will allow it to fund its expected $2 billion in loan production in 2003 and grow its servicing portfolio to more than $2.5 billion by year end 2003. Fleet has also recently established itself as the company's primary cash management bank.

"Our recent growth in production volume, resulting from record low mortgage rates, has increased the need for additional liquidity," said Stanley Middleman, Freedom's chief executive officer and founder.

"Fleet's provision will ensure that we can continue to grow our business."

"We are pleased to strengthen our relationship with Freedom and help it meet its growth objectives," added Stewart Neff, group executive of Fleet's financial institutions group.

"We look forward to working with them in the future."