| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| National Mortgage Corporation |
| 7600 East Orchard Road, Suite 330 S, Englewood, CO 80111 * (303) 741-7211 |
| The company is a real estate investment trust, (REIT). The company originates, purchases, hold for investment and services primarily first-lien residential sub-prime mortgage loans. |
| Manager | Tier | Phone |
| Stifel, Nicolaus & Company, Incorporated | Lead Manager | (314) 342-2130 |
| Piper Jaffray Incorporated | Co-manager | (612) 342-6220 |
| Employees: | 0 | Financial: | SIC 6798 | |
| Type of Shares: | Common Shares | Filing Date: | 5/29/98 | |
| U.S. Shares Filed: | 6,700,000 | Filing Range: | $14.00 - $16.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $100,500,000 | |
| Primary Shares: | 6,700,000 | Expenses: | - | |
| Secondary Shares: | 0 | Post-IPO Shares: |
| Issuer's Law Firm: | Hunton & Williams |
| Bank's Law Firm: | Andrews & Kurth |
| Registrar/Transfer Agent: | Norwest Shareowner Services |
| Auditor: | Deloitte & Touche |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 3/31/98 | 3/31/97 | 3/31/98 | ||
| Revenue: | $17.02 | $3.72 | $2.35 | Assets: | $194.20 |
| Net Income: | $1.35 | -$1.24 | -$0.03 | Curr Assets: | |
| EPS: | Liabilities: | $191.23 | |||
| Prior EPS: | Curr Liab: | ||||
| Cash Flow/Oper: | -$74.17 | -$40.80 | -$28.79 | Equity: | $2.97 |
| Cash Flow/Fin: | $70.40 | $43.98 | $26.70 | Cash: | $0.87 |
| Cash Flow/Inv: | $5.00 | -$4.15 | |||
| Competition |
| As an originator and purchaser of mortgage loans, the Company faces intense competition, primarily from commercial banks, savings and loans, other independent mortgage lenders, and certain other mortgage REITs. Many of these competitors are substantially larger and have considerably greater financial, technical and marketing resources than the Company and may have lower costs of funds than the Company. Furthermore, the non-conforming mortgage market continues to attract additional competitors with the effect of increasing funding costs and reducing the net interest income that may be realized by the Company. Companies entering into the mortgage lending business through mortgage brokers and correspondents typically would be required to make a substantially smaller commitment of capital and personnel resources than they would entering a direct lending business. This relatively low barrier to entry may permit new competitors to enter this market quickly. |
| Business Plan |
| A principal component of the Company's business strategy to expand Non- Conforming Loan production is the acquisition of other non-conforming mortgage lending companies or operations. The successful execution of this acquisition strategy will depend on the Company's ability to (i) identify acceptable acquisition candidates in strategic geographic markets, (ii) consummate the transaction and maintain and expand loan production with respect to such acquired entity or operations, (iii) integrate the acquired entity or operations into the Company's operations, quality control systems, financial reporting and management structure, and (iv) eliminate redundancies in operations arising from acquisitions that could impair the Company's operating efficiencies. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |
| Additional Underwriter Compensation |
| Warrant to purchase 201,000 shares/units at a nominal price. |