{"id":1004509999,"date":"2021-02-11T04:12:10","date_gmt":"2021-02-11T12:12:10","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004509999"},"modified":"2021-05-15T10:05:49","modified_gmt":"2021-05-15T18:05:49","slug":"velocity-financial-lands-375m-in-new-funding","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/velocity-financial-lands-375m-in-new-funding\/","title":{"rendered":"Velocity Financial Lands $375M in New Funding"},"content":{"rendered":"
\"\"<\/a>

Image by Gerd Altmann via Pixabay.com<\/em><\/p><\/div>\n

Velocity Financial Inc. has entered into a new $175 million, five-year term loan with a syndicate of lenders including funds managed by Blackrock\u2019s U.S. Private Capital group, Oaktree Capital Management L.P. and UBS O\u2019Connor.<\/p>\n

\n

READ ALSO<\/strong>: LCN Closes Latest Sale-Leaseback Funds at $1.3B<\/a><\/p>\n

\n

The new facility has an initial $125 million funding as of the closing date, with an additional $50 million as a delayed draw feature. Proceeds reportedly will be used to refinance existing debt and originate new loans<\/a>.<\/p>\n

In addition, to finance new originations, Velocity has also secured a $200 million non-mark-to-market warehouse facility with Barclays Bank PLC.<\/p>\n

Velocity CFO Mark Szczepaniak said in a prepared statement that the company intends to \u201ccapitalize on the considerable investment opportunities in today\u2019s market through increased loan production and market share growth to expand our existing portfolio.\u201d<\/p>\n

He also acknowledged the role of Jefferies Finance LLC as sole lead arranger and sole bookrunner on the new term loan.<\/p>\n

Velocity did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

Active in securitizations<\/h2>\n

Based in Westlake Village, Calif., Velocity specializes in originating and managing small-balance investor loans, secured primarily by one- to four-unit residential rental and small commercial properties. The company originates loans nationwide using an extensive network of independent mortgage brokers.<\/p>\n

Velocity went public in January 2020, offering 7.25 million shares at $13.00 per share.<\/p>\n

LCN Closes Latest Sale-Leaseback Funds at $1.3B<\/p>\n

And last July, the company completed its third securitization of 2020\u2014and 15th since 2011\u2014collateralized by $276 million in unpaid principal balance on loans typical of those made by Velocity.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financing consists of a $175 million term loan and a $200 million warehouse facility. <\/p>\n","protected":false},"author":882,"featured_media":1004517778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742],"tags":[33106,32944],"class_list":["post-1004509999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","tag-blackrock","tag-oaktree-capital-management"],"acf":[],"yoast_head":"\nVelocity Financial Lands $375M in New Funding - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/velocity-financial-lands-375m-in-new-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Velocity Financial Lands $375M in New Funding\" \/>\n<meta property=\"og:description\" content=\"The financing consists of a $175 million term loan and a $200 million warehouse facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/velocity-financial-lands-375m-in-new-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-11T12:12:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:05:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Business-finance-abstract.-Image-by-Gerd-Altmann-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/velocity-financial-lands-375m-in-new-funding\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/velocity-financial-lands-375m-in-new-funding\/\",\"name\":\"Velocity Financial Lands $375M in New Funding - 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