Reporting to Mark Hirshorn, managing director of HypoVereinsbank's New York office, Shailesh S. Deshpande has joined the company as a director in the asset-backed finance unit. Prior to this, Deshpande was at Banco Santander Central Hispano, where he was the deputy manager and president in that asset-backed group.
GMAC-Residential Funding Corp. recently announced the closing of two new credit facilities. GMAC-RFC will serve as credit an collateral agent for Provident Funding Associates L.P. through a newly created $304 million warehouse lending credit facility. RFC also extended a $25 million line of credit for American Business Financial Services. ABFI will use the warehouse facility for its lending subsidiaries.