BALA-CYNWYD, Pa. - American Business Financial Services Inc. announced Thursday that GMAC Residential Funding Corp. of Minneapolis, a subsidiary of GMAC Mortgage, has extended it a $25 million line of credit.
The warehouse facility will go to American Business Financial Services' subsidiaries, including American Business Credit Inc., New Jersey Mortgage and Investment Corp., and Home American Credit Inc., which is doing business under the name Upland Mortgage.
"This line of credit will be used to support our growing lines of business and maintain sufficient working capital," said Albert M. Mandia, executive vice president and chief financial officer of American Business Financial.
In addition, GMAC Residential Funding announced Thursday the closing of a $304 million warehouse credit facility for Provident Funding Associates of Burlingame, Calif.
