Belmont Insurance Company, a captive of SL Green Realty Corporation, has become a member of the Federal Home Loan Bank (FHLB) of New York.
Belmont is the first captive insurance company to become a member of the FHLB of New York cooperative.
Members have access to a wide variety of flexible, low-cost funding through its credit products, enabling members to customise advances, interest rates and match asset and liability terms.
Eligible collateral to pledge to the FHLB of New York includes residential, multi-family and commercial mortgage loans, mortgage-backed securities and US treasury and agency securities.
Matt DiLiberto, CFO of SL Green, commented: "We are delighted to become a member of the SHLB of New York and appreciate the bank's commitment on this ground breaking step in accepting its first captive member.”
He continued: "Access to the diverse array of credit products that the FHLB of New York provides further expands our access to liquidity and provides an alternative means to efficiently finance the debt and preferred equity platform, as necessary, on flexible terms at an attractive cost of capital."
