Toronto-based Home Trust Co., a subsidiary of mortgage lender Home Capital Group Inc., obtained a two-year C$500 million funding commitment from two Canadian Schedule 1 banks.

The credit facility will replace the C$2 billion credit facility provided in June 2017 by a unit of Berkshire Hathaway Inc.

Home Capital CFO Brad Kotush said that the new credit facility is better aligned with the company's current liquidity and funding profile and will have a lower aggregate cost than the credit facility provided by Berkshire.

The new credit facility is expected to close immediately after the maturity of the existing credit facility at the end of June.