Luminent Mortgage granted interim access to $400,000 of DIP financing; final hearing Sept. 29

By Caroline Salls

Pittsburgh, Sept. 15 - Luminent Mortgage Capital, Inc. was granted interim access to $400,000 of its $3.2 million of debtor-in-possession financing from Arco Capital Corp., Ltd., according to a Monday filing with the U.S. Bankruptcy Court for the District of Maryland.

The final hearing is scheduled for Sept. 29.

The DIP facility will mature on the earlier of Jan. 31, 2009 and the effective date of a plan of reorganization.

Interest will be Libor plus 200 basis points.

Luminent will not be required to pay any fees related to the DIP financing, but it will reimburse up to $450,000 of the lender's expenses.

Luminent, a San Francisco-based real estate investment trust that invests in mortgage-backed securities and loans, filed for bankruptcy on Sept. 5. Its Chapter 11 case number is 08-21389.

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