Velocity Financial Inc (AR:VEL)
Business Focus: Consumer Lending
| Sector: Financials | Industry: Consumer Lending |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 30699 Russell Ranch Road Building 111, Suite 295 WESTLAKE VILLAGE CA 91362 |
| Tel: | 1-818-5323708 |
| Website: | https://www.velfinance.com |
| IR: | See website |
| Key People | ||
| Christopher D. Farrar Chief Executive Officer, Director | Mark R. Szczepaniak Chief Financial Officer | Jeffrey T. Taylor Executive Vice President - Capital Markets | Roland Thomas Kelly General Counsel, Corporate Secretary, Chief Legal Officer |
| Business Overview |
| Velocity Financial, Inc. is a vertically integrated real estate finance company that primarily originates and manages business purpose loans secured by 1-4-unit residential rental and small commercial properties. It originates loans nationwide across its network of independent mortgage brokers. The Company's portfolio provides loans held for investment. The Company's typical investor real estate loan is secured by a first lien on the underlying property with the added protection of a personal guarantee. Its portfolio of loans held for investment totaled $4.1 billion of unpaid principal balance (UPB) on properties in 45 states and the District of Columbia. The Company funds its portfolio primarily through a combination of committed and uncommitted secured warehouse facilities, securitized debt, corporate debt and equity. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Velocity Financial Inc revenues increased 29% to $319M. Net income applicable to common stockholders increased 62% to $51.5M. Revenues reflect Net Interest Margin - Total - % increase of 7% to 2.89%, Net Interest Spread - Total - % increase of 7% to 2.63%, Net interest income increase of 29% to $310.8M, Gain on disposition of loans increase of 16% to $8.2M. |
| Employees: | 253 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $4,358M as of Dec 31, 2023 |
| Annual revenue (TTM): | $319.01M as of Dec 31, 2023 |
| EBITDA (TTM): | $276.81M as of Dec 31, 2023 |
| Net annual income (TTM): | $51.52M as of Dec 31, 2023 |
| Free cash flow (TTM): | $48.66M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $3,802M as of Dec 31, 2023 |
| Shares outstanding: | 32,991,542 as of Mar 8, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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