GAINESVILLE, Ga. -- Credit Depot Corp. has signed an agreement to sell to a major investment banking institution at least $300 million of the first mortgages it originates through Dec. 31, 1997.
The company makes home loans primarily to people who cannot qualify for conventional mortgages because of credit problems. "This agreement provides the company with ready liquidity and access to the asset-backed securities market, with the flexibility to either accumulate pools of loans in amounts sufficient to take advantage of economies of scale or to efficiently sell small loan pools through the investment bank's network."
