Timbercreek Financial amended its credit agreement with a syndicate of 10 lenders in an aggregate amount of $400 million, including a $20 million swingline facility. TD Bank acted as sole lead arranger, sole book-runner and administration agent on the transaction.

Under the new credit agreement, Timbercreek is permitted to borrow up to $400 million on a revolving basis, subject to its set borrowing base. The commitments of the lenders under the revolver may be increased by $100 million by way of an accordion feature, subject to satisfaction of certain conditions set forth in the agreement. The amended facility will mature on December 20, 2019.

Proceeds from the facilities will be used for general corporate purposes and may be utilized to fund mortgage investments or future acquisitions. The $100 million accordion feature is expected to provide Timbercreek Financial with additional flexibility to access funding in the future for other corporate activities without the carrying cost of paying standby commitment fees.

Timbercreek in a non-bank lender.