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
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-securit...