Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 39

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 39
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building operations.

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Table of ContentsLENNAR CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

At November 30, 2024, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:Maximum Aggregate Commitment(In thousands)Committed AmountUncommitted AmountTotalResidential facilities maturing:April 2025$250,000 250,000 500,000 June 20251,400,000 — 1,400,000 August 2025325,000 325,000 650,000 October 2025100,000 100,000 200,000 December 2026375,000 — 375,000 Total residential facilities$2,450,000 675,000 3,125,000 LMF commercial facilities maturing:December 2024 (1)200,000 — 200,000 January 2025100,000 — 100,000 Total LMF commercial facilities$300,000 — 300,000 Total$3,425,000 (1)Subsequent to November 30, 2024, the maturity date was extended to December 2025. The Financial Services segment uses the residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.Borrowings and collateral under the facilities were as follows:At November 30,(In thousands)20242023Borrowings under residential facilities$1,776,045 2,020,187Collateral under residential facilities1,837,833 2,097,020Borrowings under LMF Commercial facilities28,747 12,525If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its