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July 04, 2015 5:12 PM ET

Thrifts and Mortgage Finance

Company Overview of IMH Financial Corporation

Company Overview

IMH Financial Corporation operates as a real estate investor and finance company in the southwest United States. It focuses on investing, managing, and disposing commercial real estate mortgage investments, as well as performing various related functions, including developing, managing, and holding for investment or disposing of real property acquired through foreclosure or other means. The company was formerly known as IMH Secured Loan Fund, LLC and changed its name to IMH Financial Corporation in June 2010. IMH Financial Corporation was founded in 2003 and is based in Scottsdale, Arizona.

7001 North Scottsdale Road

Suite 2050

Scottsdale, AZ 85253

United States

Founded in 2003

238 Employees

Phone:

480-840-8400

Key Executives for IMH Financial Corporation

Chairman, Chief Executive Officer and Chairman of Investment Committee
Age: 65
Chief Financial Officer
Age: 39
Senior Vice President and Director of Operations
Senior Vice President of Special Projects
Age: 67
Executive Vice President, General Counsel and Corporate Secretary
Age: 46
Compensation as of Fiscal Year 2015.

IMH Financial Corporation Key Developments

IMH Financial Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

IMH Financial Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. Adjusted EBITDA for the three months ended March 31, 2015 was $1.2 million or $0.08 per common share, compared to adjusted EBITDA of $3.0 million or $0.18 per common share for the same period in 2014. The decrease in adjusted EBITDA is primarily attributable to the small net loss on asset sales in the first quarter of 2015 (as compared to a net gain on asset sales of $5.4 million in the corresponding quarter in 2014) offset by reduced interest expense and depreciation recorded during the three months ended March 31, 2015. Adjusted net loss for the quarter ended March 31, 2015 was $2.2 million compared to adjusted net loss of $2.9 million loss for the same period in 2014. Adjusted net loss per common share was $0.15 for the first quarter of 2015 compared to adjusted net loss per common share of $0.17 for the same period in 2014. The decrease in adjusted net loss is attributed to lower gains from asset sales during the three months ended March 31, 2015 compared to the amounts recognized for the same quarter in 2014. Net loss attributable to common shareholders for the three months ended March 31, 2015 was $3.5 million compared to a $3.0 million net loss attributable to common shareholders for the same period in 2014. Net loss per common share for the three months ended March 31, 2015 was $0.23 compared to $0.18 for the three months ended March 31, 2014. The increase in net loss attributable to common shareholders is primarily due to lower than expected asset sales and lower gains from asset sales, coupled with dividends the Company was contractually obligated to pay to holders of its preferred stock during the quarter ended March 31, 2015. Total revenue was $9.532 million against $6.593 million a year ago. Loss before income taxes was $2.412 million against $3.007 million a year ago. Net cash used in operating activities was $0.837 million against $5.754 million a year ago. Purchases of property and equipment was $27,000.

IMH Financial Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

IMH Financial Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported adjusted EBITDA of $1.5 million, or $0.10 per common share, excluding certain one-time and non-cash charges, compared to adjusted EBITDA of $0.9 million, or $0.05 per common share, for the same period in 2013. Top line revenue decreased by 17.6%, to $7.9 million as compared to $9.6 million for the three months ended December 31, 2013 due to higher investment and other income for the three months ended December 31, 2013 primarily resulting from the gain on disposal of one of the company's investments in the fourth quarter of 2013. Adjusted net loss was $3.1 million compared to a $5.4 million loss for the same period in 2013, excluding additional debt termination charges of $0.7 million during the quarter. Adjusted net loss per common share was $0.21 and $0.32 for the same period in 2013. Net loss attributable to common shareholders was $11.6 million compared to a $10.7 million loss attributable to common shareholders for the same period in 2013. Net loss per common share was $0.76 compared to $0.64 for the three months ended December 31, 2013. The net loss is primarily due to expenses in excess of revenues for the quarter, coupled with impairment charges and loss on disposal of assets during the quarter ended December 31, 2014. For the year, the company reported annual adjusted EBITDA of $13.7 million or $0.86 per common share, excluding certain one-time and non-cash charges, for 2014, compared to adjusted EBITDA loss of $2.8 million, or $0.17 per common share, for the same period in 2013. Top line revenue was $31.4 million compared to $23.3 million, an increase of 34.7%, or $8.1 million. The increase in revenues is primarily attributed to a full year of hotel operations in 2014 compared to seven months of operations in 2013. Adjusted net loss was $6.8 million compared to a net loss of $25.1 million for the same period in 2013, excluding a one-time debt termination charge of $22.4 million, certain one-time charges of $1.5 million for severance and related payments to its former CEO and non-recurring impairment and provision charges of $6.5 million in 2014, compared to one-time settlement charges of $6.1 million and net non-recurring impairment charges and non-cash recoveries of $5.7 million in 2013. Adjusted net loss per common share was $0.43 compared to $1.48 for the same period in 2013. The reduction in adjusted net loss for 2014 was primarily due to gains realized from the disposal of assets in 2014. Net loss attributable to common shareholders for the year ended December 31, 2014 was $39.5 million, a 50.6% increase from the net loss of $26.2 million for the year ended December 31, 2013. Net loss per common share was $2.49 compared to $1.55 for the same period in 2013. The net loss was primarily driven by high interest costs and one-time charges. Loss before income taxes was $37.57 million compared to $26.21 million a year ago. Net cash used in operating activities was $18.09 million compared to $27.37 million a year ago. Purchases of property and equipment were $31,000 compared to $254,000 a year ago.

IMH Financial Corporation Announces Corporate Debt Restructure

IMH Financial Corporation announced that it has restructured its corporate debt which will significantly enhance the company's financial position. On January 23, 2015, Calmwater Capital 3, LLC provided new debt instruments to IMHFC in the aggregate principal amount of $78.8 million for the purposes of refinancing the company's $36.0 million senior secured loan with NWRA Ventures I, LLC and a $24.8 million loan with First Credit Bank to two of the company's affiliates, as well as to provide working capital for certain development activities and operational costs. The first loan is a $50.0 million non-recourse loan secured by first liens on the company's two operating hotel properties located in Sedona, Arizona. The Sedona Loan requires interest-only payments beginning on March 1, 2015 with a rate of 6.75% per annum plus the greater of LIBOR or 0.50% per annum. The Sedona Loan has a maturity date of February 1, 2018 with an option to extend for two 12-month periods. The company is permitted to make optional prepayments at any time, subject to a yield maintenance prepayment fee if the prepayment is made prior to February 1, 2016, and a 0.50% prepayment premium if paid prior to February 1, 2017, and other conditions set forth in the loan agreement. The second loan is a $24.4 million non-recourse loan secured by first liens on certain IMHFC real estate assets as well as pledges of interests held by company affiliates. Asset Loan 1 requires interest-only payments beginning on March 1, 2015 with an interest rate of 8.5% per annum plus the greater of LIBOR or 0.50% per annum. Asset Loan 1 has a maturity date of February 1, 2017, with an option to extend for one 12-month period. Asset Loan 1 is subject to a non-recourse carve-out guaranty by the company which also includes a guarantee of completion of certain entitlement work related to a certain IMHFC real estate asset. The company is permitted to make optional prepayments at any time, subject to a variable yield maintenance prepayment premium if the prepayment is made prior to November 1, 2015 and other conditions. The third loan is a $4.4 million non-recourse loan secured by first liens on certain IMHFC real estate assets as well as pledges of interests held by Company affiliates. Asset Loan 2 requires interest-only payments beginning on March 1, 2015 with an interest rate of 8.5% per annum plus the greater of LIBOR or 0.50% per annum. Asset Loan 2 has a maturity date of February 1, 2017 with an option to extend for one 12-month period. Asset Loan 2 is subject to a non-recourse carve-out guaranty by the company which also includes a guarantee of the completion of construction and entitlement work related to certain IMHFC real estate assets. The company is permitted to make optional prepayments at any time, subject to a variable yield maintenance prepayment premium if the prepayment is made prior to November 1, 2015 and other conditions.

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