Blueprint Capital Announces Fourth Quarter and Full Year 2012 Financial Results
SEATTLE--(BUSINESS WIRE)-- Blueprint Capital, LLC, the leading residential construction lender in Seattle, today announced its financial results for the fourth quarter and year ended December 31, 2012.
2012 Financial and Operational Highlights
Year-over-year net income growth of 76%
Year-over-year increase in net loans receivable of 74%
Raised $15.4 million in new equity capital
Low debt-to-equity ratio of 0.58 to 1 at December 31, 2012
Efficiency ratio of 22.4%
Portfolio mix of 93% new construction
Collateral mix of 96% one- to four-family residential
Zero non-performing loans since inception
Posted 34 consecutive monthly distributions to investors as of December 2012
Market share of 39% of new homes sold between $400,000 and $1.0 million in Seattle
"Our outstanding operating results for 2012 showcase the success of our business model as well as the benefit to our investors," said Mark Knoll, Co-Founder and CEO of Blueprint Capital. "In our third year of operations, we retained our leadership as Seattle's top one- to four-family construction lender, expanding our target market share to 39% in 2012 from 32% last year. We returned an average of 10.95% on members' equity investments, and through the end of 2012, we've made 34 consecutive monthly preferred distributions to investors as well as declaring three special distributions.
"We believe that the most effective way to maximize value is continuing the hard work of building complementary service and finance businesses," Knoll continued. "This integrated model benefits our customers and, coupled with our technology platform, strengthens our enterprise. Looking ahead, we plan to expand the Blueprint model to East King County with an independent investment fund. The new Eastside fund, called Blueprint Capital II, will focus on lending in Kirkland, Bellevue and Redmond."
Blueprint achieved a 76% increase in net income to $4.4 million for 2012 compared to $2.5 million for 2011. For the year, the company funded 164 loans totaling $114.6 million, compared to 131 loans totaling $62.1 million in 2011.
The company's efficiency ratio, which measures overhead expense as a percent of revenue, was 22.4% for 2012 compared to 23.7% for 2011.
Net income for the fourth quarter of 2012 was $1.4 million, an increase of 46% from $960,801 for the fourth quarter of 2011. Blueprint funded 35 loans for a total commitment of $27.2 million in the fourth quarter of 2012 compared to 29 loans totaling $14.9 million in the year-ago quarter.
Loan Portfolio and Balance Sheet
Net loans receivable increased 74% to $57.9 million at December 31, 2012 from $33.3 million at December 31, 2011, and the company maintained its record of zero non-performing loans as of year-end. At December 31, 2012, Blueprint held 147 loans in portfolio, with 93% of that dollar figure dedicated to new home construction. Of the remaining portfolio, existing home rehabilitation accounted for 6% and land acquisition and development or other purposes accounted for 1%. By dollar amount, 96% of loans are secured by one- to-four family residential homes and 4% of loans are secured by multifamily residential. As of year-end 2012, Blueprint climbed to fifth place among Washington's community bank portfolios of one- to four-family construction loans.
Total assets were $60.2 million at December 31, 2012, compared to $36.5 million at December 31, 2011. At December 31, 2012, members' equity was $38.0 million, compared to $21.6 million at December 31, 2011.
Dan Duffus, Co-Founder and Director of Builder Services, commented, "I am proud of our industry leadership, our track record and our trusted role among customers and investors. In 2013 we will continue to use our strengths to serve member builders, grow our business and deliver favorable performance to our investors."
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.bluprintcap.com.
This press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Blueprint. We caution you that these statements are based on management's current expectations and assumptions regarding Blueprint's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results and that actual events or results may differ materially. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. Blueprint's actual results may differ materially from those set forth in its forward-looking statements. Blueprint assumes no obligation to update these forward-looking statements.
Blueprint Capital, LLC
Mark Knoll - CEO
KEYWORDS: United States North America Washington
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