Simpson Thacher represented Velocity Commercial Capital, LLC (the “Issuer”) and Velocity Financial, Inc. (“Velocity"), as guarantor, in the connection with the Issuer’s debut Rule 144A/Regulation S offering of $500 million in aggregate principal amount of 9.375% senior unsecured notes due 2031 (the “Notes”). The Notes are fully and unconditionally guaranteed by Velocity.
Based in Westlake Village, California, Velocity 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. Velocity originates loans nationwide across an extensive network of independent mortgage brokers built and refined over 21 years.
The Simpson Thacher team included Daniel Webb, Jesse Feng, Madeline Cole, Madison Santoli and Matthew Chang (Capital Markets); Anita Wu (Credit); Corina Holland (IP); Benjamin Wells, Isaac Schwartz and Nicholas Ridley (Investment Company Act); Michael Mann and Michael Leitner (Tax); and Tristan Brown and George Gerstein (ERISA).