Although the technology used in Main Street Warehouse Funding Trust - a mortgage warehouse facility that provides short-term financing - has been seen before, it is the first time that an unrated, private entity such as AmeriQuest Mortgage Co. has made use of such a program as an integral part of its funding strategy.

"We were looking to grow our funding book from Wall Street banks by accessing the commercial paper market," said Ketan Parekh, vice president of capital markets at AmeriQuest. "This is an idea that we took from the bigger banks that have similar programs although not of this size." Parekh added that Main Street Funding, aside from being scalable, provides a cheap source of funding as well as short-term financing.

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