Velocity Commercial Capital, Inc. Files Registration Statement for Initial Public Offering

WESTLAKE VILLAGE, Calif., Aug. 30 /PRNewswire-FirstCall/ -- Velocity Commercial Capital, Inc. (Velocity) announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. Velocity intends to apply to list its common stock on the New York Stock Exchange under the symbol "VCC".

The registration statement relates to an aggregate amount of $175 million of common stock.  Velocity expects to use the net proceeds from the offering for general corporate purposes, including acquiring and originating small balance commercial real estate (SBCRE) loans to hold for investment in accordance with its investment guidelines.

Velocity is a Maryland corporation focused primarily on originating and acquiring SBCRE loans. Velocity is organized and plans to conduct its operations to qualify as an internally-managed real estate investment trust for federal income tax purposes.

Credit Suisse, Barclays Capital and UBS Investment Bank are serving as joint book-running managers for the proposed offering.

The offering will be made only by means of a prospectus. A copy of the prospectus relating to this offering, when available, may be obtained by contacting:

A registration statement relating to these securities has been filed with the SEC but has not yet been declared effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement is declared effective or in any jurisdiction where such offer and sale may be prohibited.

Forward-Looking Statements:  

This release may contain certain forward-looking statements with respect to the financial condition, results of operations, liquidity, investments, business, net asset value and prospects of Velocity. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Velocity does not undertake to update any of these forward-looking statements.

SOURCE Velocity Commercial Capital, Inc.