Velocity Financial, Inc. ( (VEL) ) has released its Q4 earnings. Here is a breakdown of the information Velocity Financial, Inc. presented to its investors.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Velocity Financial, Inc. is a real estate finance company based in Westlake Village, California, specializing in business purpose loans secured by residential rental and small commercial properties. The company reported strong financial results for the fourth quarter and full year 2024, with net income rising to $68.4 million, a 30.9% increase from the previous year. Key highlights include a significant increase in loan production, reaching $1.8 billion for the year, and a robust net interest margin of 3.56%. The company’s loan portfolio grew by 24.1% to $5.1 billion, driven by growth in loans collateralized by rental and commercial properties. Despite a slight increase in nonperforming loans, Velocity Financial maintained a strong financial position with a book value per share of $15.70. Looking ahead, the company is poised to continue its growth trajectory, supported by its strategic initiatives and strong market position.