Impac raises $56M in plan to securitize non-QM loans

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Impac Mortgage Holdings sold $56 million of its common stock as part of a plan to securitize non-qualified mortgage loans.

"The new capital will be used to continue to expand the growth of our servicing portfolio and assist us on our anticipated return to the securitization market with our rapidly growing non-QM 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," Impac Chairman and CEO Joseph Tomkinson said in a press release.

Purchasers included Talkot Capital and entities affiliated with Richard Pickup or Todd Pickup. The transaction consisted of 4.4 million shares of stock sold at $12.66 per share, Impac's closing price on April 17.

The company originated $289.6 million of non-QM loans in 2016, up from $132.4 million in 2015 and $7 million in 2014, according to its 10-K filing. But that is a small percentage of Impac's total 2016 production of $12.9 billion.

Impac was trading at $13.84 per share late Wednesday morning.

JMP Securities acted as financial advisor to the company for the offering.

Last September, Impac had a $39 million common stock offering.

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