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million in the first quarter, reversing a year-ago as the specialty lender boosted a credit line fromby $100 milliojn to $400 million. But NewStar's originatiojn volume dropped dramatically in the quarterto $178 compared to $713 millioh in the fourth quarterr and $519 million in the firsf quarter of 2007. The slowdownn reflects a globalcredit Boston-based NewStar, which fundsx commercial real estate projects and participates in the financing of leverageed buyouts, said it has takenb a defensive approach to keep problen loans at a manageable The allowance for credit losses on the company's commercial loansx was $36.8 million, or 1.58 percenyt of loans. That compares to $22.
09 million, or 1.40 percent of loans in the year-earlied period. The company said non-performing assets were $9.8 million at the end of down fromnearly $22 million at the end of 2007. NewStat charged off $3.3 million in loans during the quarter against a reserve establishee in thefourth quarter. the company said it established another reserveof $3.5 milliom in the first quarter for two problem loans. Totap net loans were $2.3 billion at the end of the upfrom $1.7 billion in the year-ago Besides adding to its credit line from Deutschre Bank, NewStar also renewed an existing $400 million credift line with .
The compang said the funding will allow it to operate through further disruption in thecredit
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