Welcome!

News Feed Item

Common Stock; REIT to Invest in Small-Balance Commercial Loan Assets

NEW YORK, Feb. 13, 2014 /PRNewswire/ -- Sutherland Asset Management Corporation ("Sutherland") completed a $226 million private offering of common stock, which included a 15% over allotment option, in December 2013. 

Sutherland is a real estate finance company that acquires and originates small-balance commercial loans ("SBC loans") nationwide.  Sutherland plans to use the net proceeds from the offering to continue to acquire and originate SBC loan assets and to fund a portion of an acquisition of a servicing portfolio of Small Business Administration 7(a) loans with an aggregate unpaid principal balance of $1.3 billion, of which Sutherland will retain an interest in $530 million (as of December 31, 2013).  This acquisition is subject to approval and is currently under review by the SBA.

Tom Capasse, Sutherland's Chairman and Chief Executive Officer, said, "I am proud to lead our skilled management team to continue our SBC loan business as a REIT and to grow our origination platform." Jack Ross, Sutherland's President, added, "The success of our offering represents the results of our entire organization focusing on the quality of our SBC loans, the efficiency of our investment process and the integrity of our personnel."

About Sutherland Asset Management Corporation

Sutherland is a real estate finance company that acquires and originates SBC loans.  Sutherland is a leading acquirer of distressed SBC loans from banks, purchasing over $1.6 billion unpaid principal balance of SBC loans since 2008, and originates SBC loans and offers SBC property brokerage nationwide through its wholly-owned subsidiaries, ReadyCap and Coldwell Banker Commercial Alliance.  Sutherland is externally-managed by Waterfall Asset Management LLC and has elected to be taxed as a real estate investment trust (REIT) for US federal income tax purposes.

Forward Looking Statements

All of the securities described in this press release have been sold and this press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.  The securities described in this press release have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and have been offered and sold in reliance on exemptions from registration provided by Rule 144A, Regulation D and Regulation S under the Securities Act.  These securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release contains various "forward-looking statements."  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.  In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "would," "could," "should," "seeks," "approximately," "intends," "plans," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases. 

Statements regarding the following subjects may be impacted by a number of risks and uncertainties: Sutherland's operating results and changes in Sutherland's investment objectives and business strategy; the use of the proceeds of the offering; volatility in the SBC loan industry, interest rates and spreads, the debt or equity markets, the general economy or the real estate market specifically; the availability of financing on acceptable terms or at all; the availability of attractive risk-adjusted investment opportunities in SBC loans, SBC ABS and other real estate-related investments; the completion of the CIT loan acquisition; Sutherland's dependence on the Manager and the ability to find a suitable replacement if Sutherland or the Manager were to terminate the management agreement; the degree and nature of competition; unanticipated costs, delays and other difficulties in executing Sutherland's long-term growth strategy; the timing of cash flows, if any, from Sutherland's investments; the performance, financial condition and liquidity of Sutherland's borrowers; and Sutherland's qualification as a REIT.

The forward-looking statements are based on Sutherland's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it.  These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to Sutherland.  If a change occurs, Sutherland's business, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements.

CONTACT:

Sutherland Asset Management Corporation
Rick Herbst, CFO   (212) 257-4607
Email

Read more news from Sutherland Asset Management Corporation.

SOURCE Sutherland Asset Management Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...