Creditrust Corp. said this week that it has completed a $30 million warehouse financing with Banco Santander.

The Baltimore manager and collector of delinquent consumer receivables plans to use the proceeds of the off-balance-sheet transaction to acquire additional accounts.

The financing bears interest at a floating rate of 65 basis points over the London interbank offered rate, currently 6.2%. (Warehouse credit is temporary funding for deals that have not been delivered to their final investor.)

The transaction, which was structured by Rothschild Inc., calls for interest-only payments for the first six months, followed by an expected 24-month amortization.

Though Creditrust said it plans to take out the financing's notes with a securitization, that is not a condition of the deal.

Standard & Poor's gave the transaction an AA rating.

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