Impac Mortgage Holdings Inc. has generated more than $50 million in cash from a common stock offering that will be used to expand and securitize.
The Irvine, California-based non-bank mortgage banker disclosed Tuesday that it sold $56 million
in a registered direct offering.
Among the investors of the common shares were existing shareholders Talkot Capital LLC and certain entities affiliated with Richard or Todd Pickup.
Impac Chairman and Chief Executive Officer Joseph Tomkinson explained that net proceeds of $55.4 million will be used fund a servicing portfolio expansion and help in Impac’s return to the securitization market for its “rapidly growing NonQM production.”
“Additionally, this capital gives us the ability to continue to expand into diversified income platforms and take advantage of strategic opportunities presented to us,” Tomkinson added.
Impac closed on the acquisition of CashCall Mortgage’s retail call center in March 2015, which lifted quarterly originations by $1.3 billion
JMP Securities LLC acted as financial advisor for the common stock offering.
