VEL - Velocity Financial Increases Credit Capacity with Barclays Bank PLC to $300 Million to Finance Company's Growth

Velocity Financial, Inc. (NYSE: VEL) and Barclays Bank PLC agreed on March 11, 2020 to increase the capacity of its subsidiary Velocity Commercial Capital’s existing warehouse repurchase facility to $300 million in order to support the company’s loan origination growth.

“We appreciate the partnership and continued support from Barclays as we execute our growth strategy by financing real estate investors nationwide,” said Jeff Taylor, EVP of Capital Markets, Velocity Commercial Capital.

Velocity Financial is the parent company of Velocity Mortgage Capital, a direct portfolio lender which originates mortgages for residential investment and small commercial properties typically owned by independent real estate investors and small business owners.

About Velocity Mortgage Capital

Since 2004, Velocity Financial has funded over $3.2 billion in investment and commercial property loans. The company’s asset-based investment property loans enable brokers to meet the unique needs of real estate investors who are tough to qualify, including W-2 employees, self-employed entrepreneurs and small business owners. Velocity's financing programs range from temporary, short-term, credit repair and fix-and-flip programs to 30-year, fully amortized mortgages with flexible terms to meet the diverse needs of real estate investors. Because every borrower, even the extraordinary ones, deserves an opportunity.

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