Belmont Insurance Company becomes first captive to gain FHLBNY membership

SL Green Realty Corp subsidiary, Belmont Insurance Company, has become the first captive insurance company to become a member of the Federal Home Loan Bank of New York (FHLBNY).

Members have access to a wide variety of flexible, low-cost funding through FHLBNY’s credit products, enabling members to customise advances, interest rates and match asset and liability terms.

Eligible collateral to pledge to FHLBNY includes residential, multi-family and commercial mortgage loans, mortgage backed securities, and US Treasury and Agency securities.

Matt DiLiberto, chief financial officer of SL Green, said: “We are delighted to become a member of the Federal Home Loan Bank of New York and appreciate the bank’s commitment on this ground breaking step in accepting its first captive member.

“Access to the diverse array of credit products that the FHLBNY provides further expands our already robust 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.”