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Velocity Financial Priced, NYSE: VEL

Mortgage lender focused on residential rental and small commercial properties.

Industry: Financials

Latest Trade: $13.99 0.00 (0.0%)

First Day Return: +3.9%

Return from IPO: +7.6%

Industry: Financials

We are a vertically integrated real estate finance company founded in 2004. We primarily originate and manage investor loans secured by 1-4 unit residential rental and small commercial properties, which we refer to collectively as investor real estate loans. We originate loans nationwide across our extensive network of independent mortgage brokers which we have built and refined over the 15 years since our inception. Our objective is to be the preferred and one of the most recognized brands in our core market, particularly within our network of mortgage brokers. We operate in a large and highly fragmented market with substantial demand for financing and limited supply of institutional financing alternatives. We offer competitive pricing to our borrowers by pursuing low-cost financing strategies and by driving front-end process efficiencies through customized technology designed to control the cost of originating a loan. Furthermore, by originating loans through our efficient and scalable network of approved mortgage brokers, we are able to maintain a wide geographical presence and nimble operating infrastructure capable of reacting quickly to changing market environments.
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IPO News for Velocity Financial
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IPO Data
IPO File Date 10/18/2019
Offer Price $13.00
Price Range $14.00 - $16.00
Offer Shares (mm) 7.3
Deal Size ($mm) $94
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
IPO Data
IPO Date 01/16/2020
Offer Price $13.00
Price Range $14.00 - $16.00
Offer Shares (mm) 7.3
Deal Size ($mm) $94
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
Underwriters
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Company Data
Headquarters Westlake Village, CA
Founded 2004
Employees 246
Website www.velocitymortgage.com