Wachovia Bank Well Served by Schnader

Schnader’s Financial Services Department continues to represent Wachovia Bank, as Agent for a group of 19 banks, in connection with a $650 million secured revolving credit facility to a publicly-held homebuilding company. The facility provides construction financing and working capital to the company and more than 50 of its affiliates and includes the capacity to issue letters of credit. The facility is secured, at any time, by in excess of 10,000 building lots and homes under construction in 11 states. Initially, the transaction included the purchase of seven existing construction loan facilities from other lenders, in order to save the borrower substantial taxes in certain of the states, in addition to the granting of the new facility.