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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