Llama Capital Mortgage Co. has arranged a $400 million warehouse line from Morgan Stanley Dean Witter. The line will finance commercial mortgage conduit lending and "opportunistic investment programs," the company said.

Llama Capital is a subsidiary of Llama Holding Co. of Fayetteville, Ark. In January it hired a new management team from Ocwen Financial, also based in West Palm Beach. Since then it has originated $50 million of loans.

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