Security National Financial Corporation Purchases $3.8 Million Loan
Portfolio Secured by Southern California Properties
SALT LAKE CITY -- May 13, 2013
Security National Financial Corporation (NASDAQ Symbol “SNFCA”) announced
today the purchase of a $3.8 million portfolio of performing loans secured by
multifamily and mixed-use properties located in Southern California. The
properties securing the loan portfolio consist of three multifamily properties
in Beverly Hills and Englewood, California, as well as two mixed-use and a
commercial property in Lawndale and San Diego, California.
Due to the low loan-to-value and long-standing performance of these loans, the
Company believes these to be conservative, low-risk investments yielding a
strong rate of return, which aligns with the Company’s long-term investment
objectives. With favorable growth in Southern California retail and housing
markets, these loans give the Company a greater presence in economically
viable and established neighborhoods in Southern California.
Garrett Sill, Acting Chief Financial Officer of SNFC, noted: “After thorough
site visits and due diligence, we found this portfolio to be a great addition
to our existing mortgage portfolio. The low loan-to-values and strong payment
histories combined with an above market yield made this an attractive purchase
for the Company.”
This press release contains statements that, if not verifiable historical
fact, may be viewed as forward-looking statements that could predict future
events or outcomes with respect to Security National Financial Corporation and
its business. The predictions in these statements will involve risk and
uncertainties and, accordingly, actual results may differ significantly from
the results discussed or implied in such forward-looking statements.
Security National Financial Corporation
Brian Nelsen or Garrett S. Sill, 801-264-1060
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