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Allied Mortgage Capital

Home Loans Chester VA Allied Home Mortgage Capital Corp.

(804) 796-1173 Home Loans Chester VA Mortgage Loan Refinance Finance Lending Modifications Hard Money Stream Line FHA VA Our ...

Allied Announces $125 Million in Acquisitions and Upward Refinancing of Unsecured Term Loan

Upward Refinancing of Unsecured Term Loan

On December 14, 2015, Allied entered into an unsecured term loan with a Canadian chartered bank in the amount of $150 million for a term ending on December 14, 2018. Allied has now secured a commitment from the Canadian chartered bank to upward refinance the unsecured term loan to $250 million for an effective term ending on January 14, 2026, at bankers’ acceptance plus 140 basis points, which was fixed to an all-in interest rate of 3.992%.

Strategic In-Fill Acquisitions in Toronto, Montréal, Calgary and Vancouver

By year-end, Allied expects to have closed six strategic in-fill acquisitions in the fourth quarter, one in Toronto, one in Montréal, one in Calgary and three in Vancouver, for an aggregate purchase price of $125 million. $18 million of the aggregate purchase price was payable by mortgage assumption and the balance of $107 million was or will be payable in cash.

Allied Home Mortgage ordered to pay $296 million for widespread FHA fraud

According to the U.S. Attorney’s Office, United States District Judge George C. Hanks Jr. of the Southern District of Texas, who presided over the trial, elected to increase the jury’s award under provisions of the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act.

Under the False Claims Act, the jury’s award is subject to mandatory trebling, meaning the award would be tripled. The False Claims act also allows for a per-violation penalty, while FIRREA allows for a penalty of up to $1.1 million for each violation.

Under those guidelines, Hanks trebled the $92 million in damages. Hanks also imposed a penalty of $10,000 for each violation of the FCA found by the jury for a total of $12,950,000 in FCA penalties, and the maximum $1.1 million penalty for each violation of FIRREA for a total of $6.6 million in FIRREA penalties.

That brings the total judgment to $296,298,325.

Hodge is also liable for more than $25 million in damages and penalties.

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