Western Alliance Bank drew down $1.3 billion from long-dormant warehouse borrowing facilities in the third quarter, ostensibly in an effort to substitute repos and other emergency lines with marginally cheaper funding.
The Arizona-based lender, which first got access to the warehouse facilities with its acquisition of AmeriHome in early 2021, increased their capacity from $1 billion at end-March 2023 to $3 billion at end-September 2023, 44% of which had been utilised as of the latter date.
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