""ISGN Corporation"":http://www.ISGN.com has obtained a $20 million secured line of credit from ""JPMorgan Chase"":http://www.jpmorganchase.com, the company announced Wednesday.
ISGN, based out of Melbourne, Florida provides technology and services to the U.S. mortgage industry, from origination solutions to core servicing and default servicing tools.
The line of credit from JPMorgan is available through November 21, 2012, subject to certain conditions. ISGN
[IMAGE] [COLUMN_BREAK]says the terms allow the company to utilize the entire $20 million immediately to take advantage of market opportunities in the first half of 2012.
It refinances and replaces a $15 million line of credit previously provided by a different bank and is priced at an improved interest rate of 3.25 percent plus LIBOR, subject to certain terms and conditions.
ISGN's majority shareholder, Chambal Fertilisers and Chemicals Limited, based in New Delhi, India, enjoys a close business relationship with J.P. Morgan and provided the support necessary for ISGN to secure the funding at favorable terms.
""This is a solid line of credit from one of the preeminent names in global banking,"" said Shailendra Gupta, chief financial officer of ISGN.
Gupta says the $20 million credit line from JPMorgan will be combined with $30 million in additional funding ISGN obtained from its investors last summer.
According to Gupta, the capital infusion ""positions us well going into 2012 to bring to market a number of new and improved solutions for our lender and servicer clients.""