13 other companies are scheduled to IPO this week. The full IPO calendar is available at IPOpremium.com
LADR scheduled a
Manager, Joint managers:
A commercial finance company, LADR conducts its business through three major business lines: commercial mortgage lending, investments in securities secured by first mortgage loans, and investments in selected net leased and other commercial real estate assets.
• Banks are expected to be more competitive in the commercial lending business article here• "Banks cut jobs as mortgage boom ends" article here
LADR's income results for the nine months ended Sept '13 don't make any sense.
For example, for the nine months ended September '13 total pre-tax income was
The price-to-book ratio is 1.3 and the adjusted P/E ratio is 16.3 for the nine months ended September '13, but there is no expected dividend.
The IPO rating on LADR is neutral to negative.
LADR is a leading commercial real estate finance company with a proprietary loan origination platform and an established national footprint.
As a non-bank operating company, LADR believes that it is well-positioned to benefit from the opportunities arising from the diminished supply of commercial real estate debt capital and the substantial demand for new financings in the sector.
LADR believes its comprehensive, fully-integrated in-house infrastructure, access to a diverse array of committed financing sources and highly experienced management team of industry veterans will allow it to continue to prudently grow its business as LADR endeavors to capitalize on profitable opportunities in various market conditions.
Three businss lines
LADR conduct its business through three major business lines: commercial mortgage lending, investments in securities secured by first mortgage loans, and investments in selected net leased and other commercial real estate assets.
LADR a holding not operating company
Following the offering,
Through its ability to appoint the board of LCFH,
No dividends planned
The commercial real estate finance markets are highly competitive. LADR faces competition for lending and investment opportunities from a variety of institutional lenders and investors and many other market participants, including specialty finance companies, REITs, commercial banks and thrift institutions, investment banks, insurance companies, hedge funds and other financial institutions.
Many of these competitors enjoy competitive advantages over LADR, including greater name recognition, established lending relationships with customers, financial resources, and access to capital.
LADR competes on the basis of relationships, product offering, loan structure, terms, pricing and customer service. Its success depends on its ability to maintain and capitalize on relationships with borrowers and brokers, offer attractive loan products, remain competitive in pricing and terms, and provide superior service.
Entities affiliated with
Entities affiliated with TowerBrook 19.4%
Use of proceeds
LADR expects to net
to purchase newly-issued LP Units from LCFH.
The proceeds received by LCFH in connection with the sale of newly issued LP Units will be used to grow LADR's loan origination and related commercial real estate business lines, and for general corporate purposes.
Although specific assets have not yet been identified, assuming that the proceeds of the offering are applied consistently with its asset allocation as of
Actual allocation of the proceeds of the offering will ultimately be determined by management's assessment of the long-term prospects of the business and real estate markets and individual evaluation of investment opportunities.