Litchfield Financial credit line renewed.

WILLIAMSTOWN, Mass.-- Litchfield Financial Corp. said it has renewed a $10 million line of credit with Harris Trust and Savings Bank in Chicago and Bank of Scotland.

Randy A. Stratton, president of Litchfield, a consumer finance company that specializes in land and affordable housing, said the agreement improves the cost of funds by tying the interest to the London interbank offered rate.

Litchfield also recently closed on the first $14 million of a $50 million asset-backed commercial paper facility with Internationale Nederlanden (U.S.) Capital Markets Inc., a subsidiary of Internationale Nederlanden Group, which Mr. Stratton said "assures us low-cost funding for future loan placements at pricing tied to commercial paper."

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