Velocity Financial Announces Closing of $205 Million Securitization; Seventeenth Securitization Since 2011
13 Agosto 2021 - 09:30AM
Business Wire
Velocity Financial, Inc. (NYSE: VEL), ("Velocity" or the
"Company"), a leading provider of small balance investor loans,
today announced that it has closed its second securitization
transaction of 2021, in aggregate $205 million of Mortgage-Backed
Certificates, series 2021-2 (the "Certificates") backed by a
portfolio of loans recently originated through Velocity's operating
platform. The sold Certificates will be issued in seven classes and
were priced with a weighted average fixed rate of 1.75%.
The Certificates were rated by KBRA (Kroll Bond Rating Agency)
and DBRS Morningstar; the ratings are as follows:
Ratings Class Balance KBRA Rating (sf)
DBRS Morningstar (sf) A
$148,344,000
AAA AAA M1
$15,388,000
AA AA (L) M2
$7,181,000
A+ A (L) M3
$13,952,000
BBB- BBB M4
$4,309,000
BB- BB M5
$3,078,000
B B M6
$2,666,000
Not Rated Not Rated M7
$10,259,657
Not Rated Not Rated
Initial Balance
$205,177,657
"The strong market reception continued for Velocity’s second
securitization of 2021, and we are very pleased with the execution
we achieved on this transaction," said Executive Vice President of
Capital Markets, Jeff Taylor. "Velocity's proven business model and
the solid performance of our securitizations helped maintain high
investor demand that drove spreads tighter by over 9 basis points
as compared to our 2021-1 transaction and resulted in a weighted
average coupon of 1.75%. Because we strongly believe in the quality
of our loans and the capabilities of our special servicing team, we
will retain at least 5% of this transaction as we have done with
our prior securitizations."
The Certificates are not registered under the Securities Act of
1933, as amended (the "Securities Act"), and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements. The Certificates may
only be offered and sold in the United States in accordance with
Rule 144A under the Securities Act. This press release does not
constitute an offer to sell or the solicitation of any offer to
buy, nor shall there be any sale of the Certificates in any
jurisdiction in which such offer, solicitation or sale would be
unlawful under the laws of such jurisdiction.
About Velocity Financial, Inc.
Based in Westlake Village, California, Velocity is a vertically
integrated real estate finance company that originates and manages
investor loans secured by 1-4 unit residential rental and small
commercial properties. Velocity originates loans nationwide across
an extensive network of independent mortgage brokers it has built
and refined over 16 years. For additional information, please visit
the Company’s investor relations website at www.velfinance.com.
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Investors and Media: Chris Oltmann (818) 532-3708
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