Other Borrowings (Tables)

6 Months Ended

Jun. 30, 2015

Other borrowings consisted of the following at December 31, 2014:



	December 31, 2014
Senior secured term loan facility (1)	$	340,636
EBO Facility (2)	544,513
RPL Facility (3)	271,473
Note Facility (4)	25,706
	$	1,182,328


(1)	On June 27, 2013, we entered into a $350,000 senior secured term loan facility, which was issued at a discount to par. The senior secured term loan facility had a maturity date of June 27, 2020 and an interest rate of 1-Month LIBOR plus 350 bps, with a 1.00% LIBOR floor. As of December 31, 2014, the interest rate on our senior secured term loan facility was 4.50%.

(2)

On March 3, 2014, we entered into the EBO Facility to partially finance the purchase of our initial portfolio of GNMA EBO loans at an interest rate of 1-Month LIBOR plus 305 bps. On October 16, 2014, we amended the EBO Facility to increase the maximum principal balance to partially finance the purchase of a second pool of GNMA EBO loans at an interest rate of 1-Month LIBOR plus 180 bps. This facility had a maturity date of May 1, 2015.


(3)	On June 26, 2014, we entered into the RPL Facility to partially finance the purchase of our RPLs. The facility had a maturity date of June 26, 2014 and an interest rate of 1-Month LIBOR plus 250 bps. We repaid the RPL Facility in full on February 20, 2015 in conjunction with the sale of our RPL portfolios.


(4)	On June 24, 2014, we entered into the Note Facility to partially finance the purchase of $37,000 of notes retained as part of the Series 2014 T3 Term Note issuance on June 18, 2014. The Note Facility matured quarterly and had an interest rate of 1-Month LIBOR plus 115 bps.

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