| Life Financial Corp. | |||
| Ticker: | LFCO | 4115 Tigris Way | |
| Exchange: | NASDAQ-National Market | Riverside, CA 95203 | |
| Industry: | Financial (SIC Code 6035) | (800) 448-2265 | |
| Type of Shares: | Common Shares | Filing Date: | 1/27/97 | |
| U.S. Shares: | 2,900,000 | Offer Date: | 6/25/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 2,900,000 | Offer Price: | $11.00 | |
| Secondary Shares: | 0 | Gross Spread: | ||
| Offering Amount: | $31,900,000 | Selling: | $0.45 | |
| Expenses: | - | Reallowance: | ||
| Shares Out After: | 5,711,716 |
| Manager | Tier | Phone |
| Keefe, Bruyette & Woods, Inc. | Lead Manager | (212) 323-8470 |
| Issuer's Law Firm: | Muldoon, Murphy & Faucette |
| Bank's Law Firm: | Manatt, Phelps and Phillips |
| Auditor: | Grant Thornton |
| Registrar/Transfer Agent: | Wells Fargo Bank |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $9.85 | $9.19 | $7.36 | Assets: | $84.40 |
| Net Income: | $0.52 | $0.17 | $0.20 | Curr Assets: | |
| EPS: | $0.16 | $0.05 | $0.06 | Liabilities: | $76.46 |
| Prior EPS: | -$0.21 | -$5.55 | $0.69 | Curr Liabilities: | |
| Cash Flow/Oper: | Equity: | $7.94 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company originates, purchases, sells and services non-conventional mortgage loans principally secured by first and second mortgages on one- to four-family residences. The company focuses on loans for the purchase or refinancing of residential real property by borrowers who, because of prior credit problems or the absence of a credit history, are considered "sub-prime borrowers" and on other non-conforming loans. The company also originates debt consolidation loans for borrowers who qualify for Federal National Mortgage Association and Federal Home Loan Mortgage Corporation loans. The company purchases and originates mortgage loans and other real estate secured loans through a network of approved correspondents and mortgage brokers on a nationwide basis, as well as through the Bank's Retail Lending Division. The company generally retains the majority of the servicing rights to the loans sold or securitized and may sell servicing rights at a later date depending on market opportunities. In addition, the company purchases and originates for resale in the secondary market, smaller real estate and multi-family mortgage loans. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to acquire Residuals from the bank, acquire an interest in or establish a subsidiary for the purpose of providing short term warehouse lines of credit, downstream proceeds to the bank as necessary to fund additional purchases of loans and fund general business activities, including possible acquisitions of related businesses as opportunities arise. |