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March 31, 2015 7:52 AM 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

201 Employees

Phone:

480-840-8400

Key Executives for IMH Financial Corporation

Chairman and Chief Executive Officer
Age: 64
Chief Financial Officer
Senior Vice President and Director of Operations
Principal Accounting Officer and Senior Vice President
Age: 66
Executive Vice President, General Counsel and Corporate Secretary
Compensation as of Fiscal Year 2014.

IMH Financial Corporation Key Developments

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.

IMH Financial Corporation Announces Management Changes

IMH Financial Corporation announced the expansion of its leadership team by hiring three new executives and promoting two long-term employees. Representing nearly 80 years of combined experience, the new leadership team is tasked with growing the company's portfolio of assets to maximize value for shareholders. Jonathan Brohard was named Executive Vice President and General Counsel for the company and assumed the duties of Corporate Secretary. Mr. Brohard will also serve as the company's Chief Compliance Officer and Director of Human Resources and will oversee all of the company's legal matters, including management of internal and external legal counsel. Most recently, Brohard was an equity shareholder at Polsinelli, PC. Previously, he served as president of a real estate investment and management company with more than 135 properties located across 22 states, and more than 240 employees. Mr. Brohard has extensive legal and practical experience with real estate acquisitions, sales, financing, development, operations and management. This experience encompasses complex financing structures, including institutional debt and equity, private equity, joint ventures and syndications. Mr. Brohard has also previously practiced law at Squire Patton Boggs (formerly Squire, Sanders & Dempsey) and Gallagher & Kennedy. Lisa Jack has joined IMH as Chief Financial Officer, and will oversee all accounting, financial reporting and financial management for IMH. Ms. Jack comes to IMH from Irvine, Calif., where she served as Chief Financial Officer at Arch Bay Capital. Before joining the hedge fund community at Arch Bay, Lisa was the Corporate Controller of Thompson National Properties, LLC and its non-traded REIT, which managed over 130 commercial properties. Previously, Lisa was the Chief Financial Officer of Capital Pacific Homes, the Southern California division of a large regional, public homebuilder where she was responsible for all financial operations and strategic business plan management. She is a seasoned accounting and finance executive with over 15 years of comprehensive experience in corporate accounting and finance, operational restructuring, financial analysis and forecasting, risk management oversight and compliance. Ryan Muranaka re-joins IMH as Senior Vice President and Director of Underwriting and Asset Management. Mr. Muranaka will oversee real estate lending and investing for IMH, and will be principally involved with originating real estate related debt, equity and hybrid transactions, as well as performing extensive credit analysis and general underwriting for IMH. A team member at IMH from 2003 to 2013, Mr. Muranaka most recently assisted with the development of a new private equity fund and boasts more than 15 years of real estate lending and investment experience. He has worked with a variety of borrowers and joint venture partners on a diverse array of complex transactions. Mr. Muranaka has a Bachelors of Arts in business and communications from Arizona State University. Greg Hanss has been appointed Senior Vice President and Director of Operations. Mr. Hanss joined IMH as a consultant in May 2013, with primary responsibilities for managing IMH's hotel assets. In Greg's new role, he will oversee the day-to-day operations and performance of all of IMH's operating assets. Hanss is known in the hospitality industry for his accomplishments spearheading luxury hotel and resort openings, structuring effective leadership teams and developing and sustaining profitable assets. Prior to joining IMH, Hanss served as Vice President of Sales & Marketing at MetWest Terra Hospitality, which boasts a dynamic collection of eight hotels nationwide. Hanss played a leading role in launching the award-winning InterContinental Montelucia Resort & Spa in Paradise Valley, Arizona, most recently as Managing Director. Due to the success of this opening, Greg was recognized as the American Hotel & Lodging Association Manager of the Year in 2010. He was also on the Opening teams at the Four Season Resort in Scottsdale, The Phoenician, and the St. Regis in Aspen. Steven T. Darak, Chief Financial officer of IMH from 2004 to January 2015, has recently resigned that position pursuant to a process contemplated under Mr. Darak's employment agreement. Mr. Darak will remain as the Company's Senior Vice President and Chief Accounting Officer. In addition, he will continue to be an advisor to the CEO and the Board of Directors on special projects.

IMH Financial Corporation Enters into Loan Agreement with SRE Monarch Lending, LLC for Non-Revolving Credit Facility

On December 31, 2014, IMH Financial Corporation entered into a loan agreement with SRE Monarch Lending, LLC for a non-revolving credit facility in an amount not to exceed $5.0 million and, on December 31, 2014, pursuant to the company's promissory note delivered under the SRE Facility, the company drew down the full amount of the SRE Facility. The company used the proceeds under the SRE Facility to make a scheduled payment under the company's senior indebtedness to NWRA Ventures I, LLC as described in the Company's Form 8-K filed on July 29, 2014. SRE Monarch is a related party of Seth Singerman, one of the Company's directors. The SRE Note matures on the 91 day after full repayment of the NW Capital Senior Loan, and all advanced amounts under the SRE Facility, including accrued interest and outstanding fees, are payable on the maturity date. The SRE Note bears interest at a per annum base rate of 16%, and is subject to increase in the event the SRE Note is not repaid in full on or prior to October 22, 2015. The company paid a structuring fee of $100,000 and agreed to pay a facility use fee, facility exit fee and certain other customary fees, costs and expenses in connection with the SRE Facility. The company expects to fully satisfy its obligations under the SRE Facility with the proceeds from a contemplated refinancing of the NW Capital Senior Loan as set fourth in the SRE Facility loan agreement. The SRE Facility contains customary affirmative and negative covenants, including covenants that limit or restrict the Company's and its subsidiaries' ability to, among other things, make new investments, incur additional indebtedness, merge or consolidate, dispose of assets, and pay dividends, in each case subject to certain exceptions. The SRE Facility also contains events of default that include, among other things, payment defaults, inaccuracy of representations and warranties, covenant defaults, certain cross defaults with respect to material indebtedness, bankruptcy and insolvency defaults, and material judgment defaults. The occurrence of an event of default could result in a default interest rate that will apply on all obligations during the existence of an event of default at a rate equal to 25.0%.

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