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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;20, 2013 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Walker&nbsp;&amp; Dunlop, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>001-35000</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>80-0629925</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7501 Wisconsin Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 1200E</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bethesda,
MD</B></P></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (301)&nbsp;215-5500 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>New Term Loan Credit Facility </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;20, 2013,
Walker&nbsp;&amp; Dunlop, Inc. (the &#147;<U>Company</U>&#148;) entered into a senior secured term loan credit agreement (the &#147;<U>Term Loan Agreement</U>&#148;) with the lenders referred to therein, Wells Fargo Bank, National Association, as
administrative agent (the &#147;<U>Agent</U>&#148;), and Wells Fargo Securities, LLC, as sole lead arranger and sole bookrunner. The Term Loan Agreement replaced the Company&#146;s $83.0 million credit facility with an outstanding principal balance
of $74.7 million with Bank of America, N.A, (the &#147;<U>Prior Credit Facility</U>&#148;) which was governed by that certain credit agreement, dated as of September&nbsp;4, 2012, by and among the Company, the lenders party thereto and Bank of
America, N.A., as administrative agent and collateral agent. The Term Loan Agreement provides for a $175.0 million term loan (the &#147;<U>Term Loan</U>&#148;). At any time, the Company may also elect to request the establishment of one or more
incremental term loan commitments to make up to three additional term loans (any such additional term loan, an &#147;<U>Incremental Term Loan</U>&#148;) in an aggregate principal amount for all such Incremental Term Loans not to exceed $60.0
million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term Loan was issued at a discount of 1.0% and the Company used approximately $77.5 million of the Term Loan proceeds to repay in full the
Prior Credit Facility and to pay certain transaction costs incurred in connection with the Term Loan. The Company will use the remainder of the Term Loan proceeds to fund strategic growth opportunities, to opportunistically repurchase stock and for
general corporate purposes in each case as permitted by the Term Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is obligated to repay the aggregate outstanding principal
amount of the Term Loan in consecutive quarterly installments equal to $437,500 on the last business day of each of March, June, September and December commencing on March&nbsp;31, 2014, and is subject to certain other mandatory prepayments pursuant
to the terms of the Term Loan Agreement. The final principal installment of the Term Loan is required to be paid in full on December&nbsp;20, 2020 (or, if earlier, the date of acceleration of the Term Loan pursuant to the terms of the Term Loan
Agreement) and will be in an amount equal to the aggregate outstanding principal of the Term Loan on such date (together with all accrued interest thereon). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the Company&#146;s election, the Term Loan will bear interest at either (i)&nbsp;the &#147;Base Rate&#148; plus an applicable margin or (ii)&nbsp;the
London Interbank Offered Rate (&#147;<U>LIBOR Rate</U>&#148;) plus an applicable margin, subject to adjustment if an event of default under the Term Loan Agreement has occurred and is continuing with a minimum LIBOR Rate of 1.0%. The &#147;Base
Rate&#148; means the highest of (a)&nbsp;the Agent&#146;s &#147;prime rate,&#148; (b)&nbsp;the federal funds rate plus 0.50% and (c)&nbsp;LIBOR for an interest period of one month plus 1%. In each case, the applicable margin is determined by the
Company&#146;s Consolidated Corporate Leverage Ratio (as defined in the Term Loan Agreement). If such Consolidated Corporate Leverage Ratio is greater than 2.50 to 1.00, the applicable margin will be 4.50% for LIBOR Rate loans and 3.50% for Base
Rate loans, and if such Consolidated Corporate Leverage Ratio is less than or equal to 2.50 to 1.00, the applicable margin will be 4.25% for LIBOR Rate loans and 3.25% for Base Rate loans. The Term Loan currently bears interest at the LIBOR Rate
plus an applicable margin of 4.50%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The obligations of the Company under the Term Loan Agreement are guaranteed by Walker&nbsp;&amp; Dunlop Multifamily,
Inc., Walker&nbsp;&amp; Dunlop, LLC and Walker&nbsp;&amp; Dunlop Capital, LLC, each of which is a direct or indirect wholly owned subsidiary of the Company (together with the Company, the &#147;<U>Loan Parties</U>&#148;), pursuant to a Guarantee and
Collateral Agreement entered into on December&nbsp;20, 2013 among the Loan Parties and the Agent (the &#147;<U>Guarantee and Collateral Agreement</U>&#148;). Subject to certain exceptions and qualifications contained in the Term Loan Agreement, the
Company is required to cause any newly created or acquired subsidiary, unless such subsidiary has been designated as an Excluded Subsidiary (as defined in the Term Loan Agreement) by the Company in accordance with the terms of the Term Loan
Agreement, to guarantee the obligations of the Company under the Term Loan Agreement and become a party to the Guarantee and Collateral Agreement. The Company may designate a newly created or acquired subsidiary as an Excluded Subsidiary so long as
certain conditions and requirements provided for in the Term Loan Agreement are met, including that Excluded Subsidiary EBITDA (as defined in the Term Loan Agreement) for the four consecutive fiscal quarter period most recently ended prior to such
date for which financial statements are available does not exceed 7.5% of Consolidated EBITDA (as defined in the Term Loan Agreement) for such period. In addition, under the Guarantee and Collateral Agreement, the obligations of the Loan Parties
under and in respect of the Term Loan Agreement are secured by each Loan Party&#146;s equity interest in direct or indirect subsidiaries owned on the date of the Term Loan Agreement (including Walker&nbsp;&amp; Dunlop Multifamily, Inc.,
Walker&nbsp;&amp; Dunlop, LLC and Walker&nbsp;&amp; Dunlop Capital, LLC but excluding Excluded Subsidiaries) and certain other </P>

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assets and personal property of the Loan Parties other than certain Excluded Assets (as defined in the Guarantee and Collateral Agreement). Collateral with respect to any Warehousing Line (as
defined in the Term Loan Agreement), mortgage loans purchased or originated by a Loan Party using the proceeds of such Warehousing Line, and related rights (including servicing rights related to such mortgage loans) and proceeds, including
mortgage-backed securities which are backed by such mortgage loans, are not included in the collateral securing the Term Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term Loan
Agreement contains certain affirmative and negative covenants that are binding on the Loan Parties, including, but not limited to, restrictions (subject to specified exceptions and qualifications) on the ability of the Loan Parties to incur
indebtedness, to create liens on their property, to make investments, to merge, consolidate or enter into any similar combination, or enter into any asset disposition of all or substantially all assets, or liquidate, wind-up or dissolve, to make
asset dispositions, to declare or pay dividends or make related distributions, to enter into certain transactions with affiliates, to enter into any negative pledges or other restrictive agreements, to engage in any business other than the business
of the Loan Parties as of the date of the Term Loan Agreement and business activities reasonably related or ancillary thereto, to amend certain material contracts or to enter into any sale leaseback arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Term Loan Agreement requires the Company to abide by certain financial covenants calculated for the Company and its subsidiaries on a
consolidated basis as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">As of the last day of any fiscal quarter ending during the periods specified below, permit the Consolidated Corporate Leverage Ratio (as defined in the Term Loan Agreement) to be greater than the corresponding ratio set
forth below: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:22.65pt; font-size:8pt; font-family:Times New Roman"><B>Period</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum&nbsp;Ratio</B></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing Date through December&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5.00&nbsp;to&nbsp;1.00</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January&nbsp;1, 2015 through December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4.75 to 1.00</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January&nbsp;1, 2016 to December&nbsp;31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4.50 to 1.00</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January&nbsp;1, 2017 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4.25 to 1.00</TD></TR>
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<TD ALIGN="left" VALIGN="top">As of the last day of any fiscal quarter permit the Consolidated Corporate Interest Coverage Ratio (as defined in the Term Loan Agreement) to be less than 2.75 to 1.00. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
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<TD ALIGN="left" VALIGN="top">As of the last day of any fiscal quarter permit the Asset Coverage Ratio (as defined in the Term Loan Agreement) to be less than 1.50 to 1.00. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term Loan Agreement contains customary events of default (which are in some cases subject to certain exceptions, thresholds, notice requirements and grace
periods), including, but not limited to, non-payment of principal or interest or other amounts, misrepresentations, failure to perform or observe covenants, cross-defaults with certain other indebtedness or material agreements, certain change in
control events, voluntary or involuntary bankruptcy proceedings, failure of the Term Loan Agreement or other loan documents to be valid and binding, certain ERISA events and judgments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Warehousing Agreement Amendments </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;20,
2013, the Company and Walker&nbsp;&amp; Dunlop, LLC, the operating subsidiary of the Company, entered into a First Amendment to Amended and Restated Warehousing Credit and Security Agreement (the &#147;<U>PNC Amendment</U>&#148;) with PNC Bank,
National Association, administrative agent (&#147;<U>PNC</U>&#148;), and the lenders party thereto. The PNC Amendment amends that certain Amended and Restated Warehousing Credit and Security Agreement, dated as of June&nbsp;25, 2013, by and among
Walker&nbsp;&amp; Dunlop, LLC, the Company, PNC and the lenders party thereto to, among other things, permit Walker&nbsp;&amp; Dunlop, LLC to guarantee the Term Loan and any Incremental Term Loan. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;20, 2013, the Company and Walker&nbsp;&amp; Dunlop, LLC entered into a Sixth Amendment to
Warehousing Credit and Security Agreement (the &#147;<U>Bank of America Amendment</U>&#148;) with Bank of America, N.A., as credit agent, and the lenders party thereto. The Bank of America Amendment amends that certain Warehousing Credit and
Security Agreement, dated as of September&nbsp;4, 2012, by and among Walker&nbsp;&amp; Dunlop, LLC, Bank of America, N.A., as credit agent, and the lenders party thereto to, among other things, permit Walker&nbsp;&amp; Dunlop, LLC to guarantee the
Term Loan and any Incremental Term Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing descriptions of the Term Loan Agreement, the Guarantee and Collateral Agreement, the PNC Amendment
and the Bank of America Amendment do not purport to be complete and are qualified in their entirety by reference to the Term Loan Agreement, the PNC Amendment and the Bank of America Amendment, which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4
to this Current Report on Form 8-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some of the lenders under the Term Loan Agreement, the Guarantee and Collateral Agreement, the PNC Amendment and the
Bank of America Amendment and their affiliates have various relationships with the Loan Parties involving the provision of financial services, including other credit facilities with affiliates of the Company, cash management, investment banking,
trust and other services. In addition, the Company has entered into forward delivery commitments in the ordinary course of business and interest rate or other derivative arrangements with some of the lenders and their affiliates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information set forth in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated by reference into this Item&nbsp;2.03. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Credit Agreement, dated as of December&nbsp;20, 2013, by and among Walker &amp; Dunlop, Inc., as borrower, the lenders referred to therein, Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities,
LLC, as sole lead arranger and sole bookrunner.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guarantee and Collateral Agreement, dated as of December&nbsp;20, 2013, among Walker &amp; Dunlop, Inc., as borrower, certain subsidiaries of Walker &amp; Dunlop, Inc., as subsidiary guarantors, and Wells Fargo Bank, National
Association, as administrative agent.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to Amended and Restated Warehousing Credit and Security Agreement, dated as of December&nbsp;20, 2013, by and among Walker &amp; Dunlop, LLC, Walker &amp; Dunlop, Inc., the lenders party thereto and PNC Bank,
National Association, as administrative agent.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sixth Amendment to Warehousing Credit and Security Agreement, dated as of December&nbsp;20, 2013, by and among Walker &amp; Dunlop, LLC, the lenders party thereto and Bank of America, N.A., as administrative agent.</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="43%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><B>WALKER &amp; DUNLOP, INC.</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5">(Registrant)</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: December 26, 2013</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard M. Lucas</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Richard M. Lucas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Executive Vice President, General Counsel &amp; Secretary</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Credit Agreement, dated as of December&nbsp;20, 2013, by and among Walker &amp; Dunlop, Inc., as borrower, the lenders referred to therein, Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities,
LLC, as sole lead arranger and sole bookrunner.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guarantee and Collateral Agreement, dated as of December&nbsp;20, 2013, among Walker &amp; Dunlop, Inc., as borrower, certain subsidiaries of Walker &amp; Dunlop, Inc., as subsidiary guarantors, and Wells Fargo Bank, National
Association, as administrative agent.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amendment to Amended and Restated Warehousing Credit and Security Agreement, dated as of December&nbsp;20, 2013, by and among Walker &amp; Dunlop, LLC, Walker &amp; Dunlop, Inc., the lenders party thereto and PNC Bank,
National Association, as administrative agent.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sixth Amendment to Warehousing Credit and Security Agreement, dated as of December&nbsp;20, 2013, by and among Walker &amp; Dunlop, LLC, the lenders party thereto and Bank of America, N.A., as administrative agent.</TD></TR>
</TABLE>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 20, 2013
Walker & Dunlop, Inc.
(Exact name of registrant as specified in its charter)
Maryland
001-35000
80-0629925
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
7501 Wisconsin Avenue
Suite 1200E
Bethesda,
MD
20814
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (301) 215-5500
Not applicable
(Former
name or former address if changed since last report.)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
New Term Loan Credit Facility
On December 20, 2013,
Walker & Dunlop, Inc. (the "
Company
") entered into a senior secured term loan credit agreement (the "
Term Loan Agreement
") with the lenders referred to therein, Wells Fargo Bank, National Association, as
administrative agent (the "
Agent
"), and Wells Fargo Securities, LLC, as sole lead arranger and sole bookrunner. The Term Loan Agreement replaced the Company's $83.0 million credit facility with an outstanding principal balance
of $74.7 million with Bank of America, N.A, (the "
Prior Credit Facility
") which was governed by that certain credit agreement, dated as of September 4, 2012, by and among the Company, the lenders party thereto and Bank of
America, N.A., as administrative agent and collateral agent. The Term Loan Agreement provides for a $175.0 million term loan (the "
Term Loan
"). At any time, the Company may also elect to request the establishment of one or more
incremental term loan commitments to make up to three additional term loans (any such additional term loan, an "
Incremental Term Loan
") in an aggregate principal amount for all such Incremental Term Loans not to exceed $60.0
million.
The Term Loan was issued at a discount of 1.0% and the Company used approximately $77.5 million of the Term Loan proceeds to repay in full the
Prior Credit Facility and to pay certain transaction costs incurred in connection with the Term Loan. The Company will use the remainder of the Term Loan proceeds to fund strategic growth opportunities, to opportunistically repurchase stock and for
general corporate purposes in each case as permitted by the Term Loan Agreement.
The Company is obligated to repay the aggregate outstanding principal
amount of the Term Loan in consecutive quarterly installments equal to $437,500 on the last business day of each of March, June, September and December commencing on March 31, 2014, and is subject to certain other mandatory prepayments pursuant
to the terms of the Term Loan Agreement. The final principal installment of the Term Loan is required to be paid in full on December 20, 2020 (or, if earlier, the date of acceleration of the Term Loan pursuant to the terms of the Term Loan
Agreement) and will be in an amount equal to the aggregate outstanding principal of the Term Loan on such date (together with all accrued interest thereon).
At the Company's election, the Term Loan will bear interest at either (i) the "Base Rate" plus an applicable margin or (ii) the
London Interbank Offered Rate ("
LIBOR Rate
") plus an applicable margin, subject to adjustment if an event of default under the Term Loan Agreement has occurred and is continuing with a minimum LIBOR Rate of 1.0%. The "Base
Rate" means the highest of (a) the Agent's "prime rate," (b) the federal funds rate plus 0.50% and (c) LIBOR for an interest period of one month plus 1%. In each case, the applicable margin is determined by the
Company's Consolidated Corporate Leverage Ratio (as defined in the Term Loan Agreement). If such Consolidated Corporate Leverage Ratio is greater than 2.50 to 1.00, the applicable margin will be 4.50% for LIBOR Rate loans and 3.50% for Base
Rate loans, and if such Consolidated Corporate Leverage Ratio is less than or equal to 2.50 to 1.00, the applicable margin will be 4.25% for LIBOR Rate loans and 3.25% for Base Rate loans. The Term Loan currently bears interest at the LIBOR Rate
plus an applicable margin of 4.50%.
The obligations of the Company under the Term Loan Agreement are guaranteed by Walker & Dunlop Multifamily,
Inc., Walker & Dunlop, LLC and Walker & Dunlop Capital, LLC, each of which is a direct or indirect wholly owned subsidiary of the Company (together with the Company, the "
Loan Parties
"), pursuant to a Guarantee and
Collateral Agreement entered into on December 20, 2013 among the Loan Parties and the Agent (the "
Guarantee and Collateral Agreement
"). Subject to certain exceptions and qualifications contained in the Term Loan Agreement, the
Company is required to cause any newly created or acquired subsidiary, unless such subsidiary has been designated as an Excluded Subsidiary (as defined in the Term Loan Agreement) by the Company in accordance with the terms of the Term Loan
Agreement, to guarantee the obligations of the Company under the Term Loan Agreement and become a party to the Guarantee and Collateral Agreement. The Company may designate a newly created or acquired subsidiary as an Excluded Subsidiary so long as
certain conditions and requirements provided for in the Term Loan Agreement are met, including that Excluded Subsidiary EBITDA (as defined in the Term Loan Agreement) for the four consecutive fiscal quarter period most recently ended prior to such
date for which financial statements are available does not exceed 7.5% of Consolidated EBITDA (as defined in the Term Loan Agreement) for such period. In addition, under the Guarantee and Collateral Agreement, the obligations of the Loan Parties
under and in respect of the Term Loan Agreement are secured by each Loan Party's equity interest in direct or indirect subsidiaries owned on the date of the Term Loan Agreement (including Walker & Dunlop Multifamily, Inc.,
Walker & Dunlop, LLC and Walker & Dunlop Capital, LLC but excluding Excluded Subsidiaries) and certain other
assets and personal property of the Loan Parties other than certain Excluded Assets (as defined in the Guarantee and Collateral Agreement). Collateral with respect to any Warehousing Line (as
defined in the Term Loan Agreement), mortgage loans purchased or originated by a Loan Party using the proceeds of such Warehousing Line, and related rights (including servicing rights related to such mortgage loans) and proceeds, including
mortgage-backed securities which are backed by such mortgage loans, are not included in the collateral securing the Term Loan Agreement.
The Term Loan
Agreement contains certain affirmative and negative covenants that are binding on the Loan Parties, including, but not limited to, restrictions (subject to specified exceptions and qualifications) on the ability of the Loan Parties to incur
indebtedness, to create liens on their property, to make investments, to merge, consolidate or enter into any similar combination, or enter into any asset disposition of all or substantially all assets, or liquidate, wind-up or dissolve, to make
asset dispositions, to declare or pay dividends or make related distributions, to enter into certain transactions with affiliates, to enter into any negative pledges or other restrictive agreements, to engage in any business other than the business
of the Loan Parties as of the date of the Term Loan Agreement and business activities reasonably related or ancillary thereto, to amend certain material contracts or to enter into any sale leaseback arrangements.
In addition, the Term Loan Agreement requires the Company to abide by certain financial covenants calculated for the Company and its subsidiaries on a
consolidated basis as follows:
•
As of the last day of any fiscal quarter ending during the periods specified below, permit the Consolidated Corporate Leverage Ratio (as defined in the Term Loan Agreement) to be greater than the corresponding ratio set
forth below:
Period
Maximum Ratio
Closing Date through December 31, 2014
5.00 to 1.00
January 1, 2015 through December 31, 2015
4.75 to 1.00
January 1, 2016 to December 31, 2016
4.50 to 1.00
January 1, 2017 and thereafter
4.25 to 1.00
•
As of the last day of any fiscal quarter permit the Consolidated Corporate Interest Coverage Ratio (as defined in the Term Loan Agreement) to be less than 2.75 to 1.00.
•
As of the last day of any fiscal quarter permit the Asset Coverage Ratio (as defined in the Term Loan Agreement) to be less than 1.50 to 1.00.
The Term Loan Agreement contains customary events of default (which are in some cases subject to certain exceptions, thresholds, notice requirements and grace
periods), including, but not limited to, non-payment of principal or interest or other amounts, misrepresentations, failure to perform or observe covenants, cross-defaults with certain other indebtedness or material agreements, certain change in
control events, voluntary or involuntary bankruptcy proceedings, failure of the Term Loan Agreement or other loan documents to be valid and binding, certain ERISA events and judgments.
Warehousing Agreement Amendments
On December 20,
2013, the Company and Walker & Dunlop, LLC, the operating subsidiary of the Company, entered into a First Amendment to Amended and Restated Warehousing Credit and Security Agreement (the "
PNC Amendment
") with PNC Bank,
National Association, administrative agent ("
PNC
"), and the lenders party thereto. The PNC Amendment amends that certain Amended and Restated Warehousing Credit and Security Agreement, dated as of June 25, 2013, by and among
Walker & Dunlop, LLC, the Company, PNC and the lenders party thereto to, among other things, permit Walker & Dunlop, LLC to guarantee the Term Loan and any Incremental Term Loan.
On December 20, 2013, the Company and Walker & Dunlop, LLC entered into a Sixth Amendment to
Warehousing Credit and Security Agreement (the "
Bank of America Amendment
") with Bank of America, N.A., as credit agent, and the lenders party thereto. The Bank of America Amendment amends that certain Warehousing Credit and
Security Agreement, dated as of September 4, 2012, by and among Walker & Dunlop, LLC, Bank of America, N.A., as credit agent, and the lenders party thereto to, among other things, permit Walker & Dunlop, LLC to guarantee the
Term Loan and any Incremental Term Loan.
The foregoing descriptions of the Term Loan Agreement, the Guarantee and Collateral Agreement, the PNC Amendment
and the Bank of America Amendment do not purport to be complete and are qualified in their entirety by reference to the Term Loan Agreement, the PNC Amendment and the Bank of America Amendment, which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4
to this Current Report on Form 8-K.
Some of the lenders under the Term Loan Agreement, the Guarantee and Collateral Agreement, the PNC Amendment and the
Bank of America Amendment and their affiliates have various relationships with the Loan Parties involving the provision of financial services, including other credit facilities with affiliates of the Company, cash management, investment banking,
trust and other services. In addition, the Company has entered into forward delivery commitments in the ordinary course of business and interest rate or other derivative arrangements with some of the lenders and their affiliates.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
Exhibit
Number
Description
10.1
Credit Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, Inc., as borrower, the lenders referred to therein, Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities,
LLC, as sole lead arranger and sole bookrunner.
10.2
Guarantee and Collateral Agreement, dated as of December 20, 2013, among Walker & Dunlop, Inc., as borrower, certain subsidiaries of Walker & Dunlop, Inc., as subsidiary guarantors, and Wells Fargo Bank, National
Association, as administrative agent.
10.3
First Amendment to Amended and Restated Warehousing Credit and Security Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, LLC, Walker & Dunlop, Inc., the lenders party thereto and PNC Bank,
National Association, as administrative agent.
10.4
Sixth Amendment to Warehousing Credit and Security Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, LLC, the lenders party thereto and Bank of America, N.A., as administrative agent.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WALKER & DUNLOP, INC.
(Registrant)
Date: December 26, 2013
By:
/s/ Richard M. Lucas
Name:
Richard M. Lucas
Title:
Executive Vice President, General Counsel & Secretary
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Credit Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, Inc., as borrower, the lenders referred to therein, Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities,
LLC, as sole lead arranger and sole bookrunner.
10.2
Guarantee and Collateral Agreement, dated as of December 20, 2013, among Walker & Dunlop, Inc., as borrower, certain subsidiaries of Walker & Dunlop, Inc., as subsidiary guarantors, and Wells Fargo Bank, National
Association, as administrative agent.
10.3
First Amendment to Amended and Restated Warehousing Credit and Security Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, LLC, Walker & Dunlop, Inc., the lenders party thereto and PNC Bank,
National Association, as administrative agent.
10.4
Sixth Amendment to Warehousing Credit and Security Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, LLC, the lenders party thereto and Bank of America, N.A., as administrative agent.