Velocity Financial, Inc. Appoints Katherine L. Verner as New Independent Member of Board
June 29, 2021 at 06:09 am EDT
Share
The Board of Directors of Velocity Financial, Inc. increased the size of Board from seven to eight. On June 28, 2021, Katherine L. Verner accepted Board's offer to become a new independent member of Board. The Board has not yet made any Committee selections with respect to Ms. Verner. Ms. Verner is a TOBI III SPE I LLC (TOBI) director designee as such right is held by TOBI pursuant to the Stockholders Agreement dated as of January 16, 2020 and the Securities Purchase Agreement dated April 5, 2020. TOBI is an affiliate of the funds, general and limited partners and members that beneficially own approximately 39% of fully diluted common stock. Ms. Verner is an executive vice president and portfolio manager in the Newport Beach office of Pacific Investment Management Company LLC (PIMCO), focused on asset management globally for PIMCO’s alternative business. She was previously a member of PIMCO's executive office with responsibility for strategic initiatives, as well as a portfolio manager on the special situations team. Prior to joining PIMCO in 2014, she was a managing director of a startup NPL platform in Europe for Oaktree Capital; chief operating officer of two corporate finance companies, Goldman Sachs Specialty Lending Group and ORIX Finance and director of executive operations for Goldman’s international asset management platform. Ms. Verner has significant experience working on large complex transactions and platform startups in Europe and Asia, as well as in the U.S. She has 30 years of investment experience and holds a master's degree in real estate from the University of Denver. She received an undergraduate degree from Texas A&M in agricultural economics.
Velocity Financial, Inc. is a vertically integrated real estate finance company that primarily originates and manages business purpose loans secured by 1-4-unit residential rental and small commercial properties. It originates loans nationwide across its network of independent mortgage brokers. The Company's portfolio provides loans held for investment. The Companyâs typical investor real estate loan is secured by a first lien on the underlying property with the added protection of a personal guarantee. Its portfolio of loans held for investment totaled $4.1 billion of unpaid principal balance (UPB) on properties in 45 states and the District of Columbia. The Company funds its portfolio primarily through a combination of committed and uncommitted secured warehouse facilities, securitized debt, corporate debt and equity.