GREENWICH, CT-Starwood Property Trust is closing on a $150-million warehouse financing facility with Goldman Sachs Mortgage Co. and a separate $125.195-million asset-based credit agreement with Bank of America, N.A. The Goldman facility matures in December 2012, while the BofA agreement matures in November of 2013 with a one-year extension option.

The repurchase agreement, according to an 8-K filing, will finance "acquisition or origination by SPM Sub-3 of eligible mortgage loans." Liability reaches a maximum of 25% of the "currently outstanding repurchase price of all purchased loans" and for customary "bad boy" events.

The credit agreement has the potential to go from the initial $125.195 million to $150 million. The agreement was used to finance the purchase of a $205-million, senior secured note. It is due in March 15, 2015 and Starwood anticipates a levered return of over 12%. The purchase note is due from a a "worldwide operator of hotels, resorts and timeshare properties" and secured by all its assets, according to the SEC filing. The interest on the note is per annum rate with a margin varying between 2.35% and 2.5% over LIBOR or between 1.35% and 1.5% over base rate.