FSIC extends $50m more to Greystone

FS Investment Corporation’s extra funding will let Greystone, a mortgage lender, expand its bridge financing department. 

FS Investment Corporation (FSIC) announced it has upped its loan commitment to an affiliate of Greystone & Company, adding an additional $50 million in debt to that already held by FSIC and its affiliates.

The financiers announced the transaction Thursday (30 June). The size of the initial facility was not specified though the loan listed in FSIC’s annual report matures on May 1, 2020, and accrues interest at a rate of L+10.5 percent. Representatives for FSIC or Greystone did not return comments requests for additional comment by press time.

The increased loan will let Greystone, a New York-based mortgage lender, expand its bridge financing program. This business provides one- to three-year loans that allow the borrowers to ready their properties to qualify for permanent loans from the FHA, Freddie Mac and Fannie Mae.

FSIC said last month it closed $370 million worth of private deals in the first quarter 2016. Transactions closed included providing a new senior secured credit facility to energy sector service provider Swift Worldwide Resources that refinanced an old loan and supported a merger with Air Energi Group. FSIC is subadvised by GSO Capital Partners,

Greystone extends credit through the FHA, Fannie Mae, Freddie Mac, bridge, mezzanine and other loan programs. It is active in mortgage finance, healthcare and real estate.