Market Overview

Blueprint Capital Reports Net Income of $951,000 in Third Quarter 2012

SEATTLE--(BUSINESS WIRE)--

Blueprint Capital, LLC, the leading residential construction lender in Seattle, today reported its tenth consecutive quarterly profit. For the third quarter ended September 30, 2012, earnings increased 47 percent to $951,358 compared to $647,827 in the third quarter a year ago. Year-to-date earnings were $2.8 million compared to $1.5 million in the like period a year ago.

“Blueprint's strong earnings are driven by growth in our portfolio of one- to four- family construction loans,” said Mark Knoll, co-founder and chief executive officer. “This is a result of our continued focus on smart, small-scale development within Seattle's urban neighborhoods.” At the end of the third quarter, Blueprint's committed loans receivable increased to $94.7 million compared to $50.2 million for the third quarter last year.

“In the third quarter, we funded 49 loans for $35.8 million, which is a record amount for us,” said Dan Duffus, co-founder and director of builder services. “Our financing plus service model is what sets us apart. Everything we do is focused on helping our member builders succeed.” In addition to financing, Blueprint adds value for customers by sourcing new projects, providing development services and marketing their homes.

Third Quarter 2012 Highlights (at, or for the period ended September 30, 2012):

  • Raised $4.3 million in new equity capital
  • Funded 49 loans for a total commitment of $35.8 million
  • Low debt-to-equity ratio of 0.59 to 1
  • Collateral mix of 94% one- to four-family residential, 5% multifamily and 1% land
  • Portfolio mix of 92% new construction, 5% rehab and 3% A&D/other
  • Zero non-performing loans
  • Posted 32 consecutive monthly distributions to investors
  • Market share of 34% of new homes sold between $400,000 and $1.0 million in Seattle

About Blueprint Capital, LLC

Blueprint Capital is the leading residential construction lender in Seattle, Washington. Blueprint provides loans and development services to builders for smart, small-scale construction among Seattle's urban neighborhoods. Using a unique, co-operative business model, Blueprint pools the resources of builders, suppliers and community stakeholders enabling local builders to meet housing demand. In addition to financing, Blueprint provides its customers with design, permitting and marketing services including ready to build projects. More information is available at www.blueprintcap.com

Safe Harbor Statement

This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by Blueprint Capital, LLC. Blueprint Capital, LLC, is a private company and undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

 
BLUEPRINT CAPITAL, LLC
 
CONSOLIDATED STATEMENT OF OPERATIONS SEPTEMBER 30, 2012
(Unaudited)
                     
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30, September 30,
INCOME STATEMENT 2012 2012 2011 2012 2011
 
INTEREST INCOME $ 1,749,938 $ 1,579,033 $ 1,088,372 $ 4,660,943 $ 2,506,087
Interest and other direct loan expense   416,800     360,578     255,907     1,006,357     497,163  
Net Interest Income 1,333,138 1,218,455 832,466 3,654,586 2,008,924
NON-INTEREST INCOME
Real estate development income, net   -     -     -     117,339     -  
NON-INTEREST EXPENSE
General and administrative expenses 129,332 128,305 49,350 378,444 153,237
Utilities expense 875 933 187 2,377 680
Payroll expense   251,573     199,242     135,102     619,875     312,296  
Total non-interest expense 381,780 328,480 184,639 1,000,696 466,213
 
Net income $ 951,358 $ 889,975 $ 647,827 $ 2,771,229 $ 1,542,711
 
MEMBERS' EQUITY
Balance, beginning of period $ 28,720,580 $ 22,176,979 $ 16,869,357 $ 21,615,599 $ 11,004,703
Member contributions 4,317,893 6,033,858 1,255,297 11,940,593 7,026,103
Member distributions (462,583 ) (380,232 ) (319,983 ) (2,523,335 ) (1,121,019 )
Minority interest   -     -     -     (276,838 )   -  
Balance, end of period $ 33,527,248   $ 28,720,580   $ 18,452,497   $ 33,527,248   $ 18,452,497  
 
             
September 30, June 30, September 30,
BALANCE SHEET 2012 2012 2011
 
CURRENT ASSETS
Cash $ 130,630 $ 132,617 $ 35,546
Restricted cash   1,000,000     1,000,000     1,314,786  
Total cash and cash equivalents 1,130,630 1,132,617 1,350,332
Accounts receivable - - -
Loans to members:
Loans receivable, committed 94,741,109 75,423,984 50,157,754
Undisbursed loan commitments (41,879,012 ) (31,076,412 ) (21,102,808 )
Deferred loan fees   (1,094,183 )   (864,346 )   (570,263 )
Loans receivable, net 51,767,914 43,483,226 28,484,683
Accrued interest receivables 405,773 341,639 263,046
Investment in joint venture   -     -     -  
Total current assets 53,304,317 44,957,482 30,098,061
Real estate work in progress   -     -     766,552  
Total assets $ 53,304,317   $ 44,957,482   $ 30,864,613  
 
CURRENT LIABILITIES
Accounts payable $ 267,419 $ 227,252 $ 156,466
Lines of credit payable 19,509,650 16,009,650 11,680,650
Notes payable   -     -     575,000  
Total current liabilities 19,777,069 16,236,902 12,412,116
 
MEMBERS' EQUITY
Blueprint Capital, LLC 33,527,248 28,720,580 18,452,497
Morgan Junction, LLC - - -
Minority interest in Morgan Junction, LLC   -     -     -  
Total members' equity 33,527,248 28,720,580 18,452,497
     
TOTAL LIABILITIES AND MEMBERS EQUITY $ 53,304,317   $ 44,957,482   $ 30,864,613  

Blueprint Capital, LLC
Mark Knoll – CEO
206-933-7514

 

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