Abode Mortgage Corporation

Abode Mortgage Corporation

December 03, 2007 06:00 ET

Abode Mortgage Corporation Announces Completing a $15.6 Million Whole Loan Sale and Acquires a Secondary $25 Million Warehouse Facility

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2007) - Abode Mortgage Corporation (TSX VENTURE:ABD) is pleased to report that it has completed a whole loan sale with a book value of $15.6 Million and a sale value of $16.0 Million to a global third party financial institution on November 30, 2007.

"We are very pleased to report completion of this most recent tranche sale. Entering into a sale agreement with a significant global buyer, specifically given recent industry turbulence, supports and enhances our market position," said Chief Executive Officer Mike Linehan.

Abode Mortgage Corporation (TSX VENTURE:ABD) is pleased to report that it has acquired a $25,000,000 secondary warehouse facility with a respected Canadian financial institution effective Tuesday October 3, 2007. The line will be utilized to fund residential mortgages and further expands and diversifies Abode's ability to meet market needs.

"The warehouse line will provide Abode with an additional source of capital to support our growth initiatives. Warehouse lending vehicles along with corresponding whole loan sale agreements are critical financing components of our business model," said Chief Executive Officer Mike Linehan.

About Abode Mortgage Holdings Corp.

Abode Mortgage Holdings Corp. is a public company trading on the TSX Venture Exchange under the symbol ABD, and through its wholly owned subsidiary, Abode Mortgage Corporation, provides mortgage services to the increasing number of Canadians who are unable to find mortgage financing through traditional sources.

Headquartered in Vancouver, Abode Mortgage Corporation is delivering a new standard of service excellence to the Canadian non-conforming residential mortgage industry by providing simplified products, consistent underwriting decisions, uniformed pricing and competitive compensation programs. The Company launched its lending operations in February, 2007.

Information about Abode Mortgage Corporation is available on the Internet at: www.abodecorp.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information