Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Thornburg Mortgage Inc.'s five largest creditors have agreed to give the "super jumbo" lender a one-year reprieve from margin calls if it can raise nearly $1 billion in seven business days. Thornburg is offering 12 percent interest to anybody willing to buy notes that will mature on April 1, 2015. The notes would be convertible into common stock at 75 percents per share, the lender said in a regulatory filing. Thornburg had previously disclosed that the company has received $1.8 billion in margin calls this year, of which $610 million were unmet as of March 6 (see Inman News story). Under the terms of an override agreement Thornburg reached Monday with five creditors, the lender would be able to pay off some of those debts and maintain a $700 million warehouse lin...