Velocity Financial readies IPO
Oct. 18, 2019 4:27 PM ETBy: Liz Kiesche, SA News Editor
- Velocity Financial, a real estate finance company founded in 2004, files for an initial public offering of common stock.
- Plans to use proceeds to repay part of its corporate debt outstanding and the rest for general corporate purposes, including originating and acquiring investor real estate loans.
- The company primarily originates and manages investor loans secured by 1-4unit residential rental and small commercial properties.
- During the six months ended June 30, 2019, Velocity originated 848 loans to be held for investment totaling $291.8M.
- Reports net income of $8.23M of net income for H1 2019, up from $5.71M in the year-ago period.