IPO Profile

Saxon REIT
4860 Cox Road, Suite 300, Glen Allen, Virginia 23060
Tel: 804-967-7400
Web:
Ticker: SAXN
Stock Exchange: Nasdaq
Shares Issued: 18,100,000.00
Price Offered: $22.75
Amount Raised: $411,775,000.00

Underwriters:
Friedman, Billings, Ramsey
CS First Boston
J.P. Morgan
Jefferies & Company


Company Description:
We originate, purchase, and service non-conforming residential mortgage loans. We generate earnings and cash flows primarily from the net interest income and fees that we earn from the mortgage loans we originate, purchase, and service. We operate our mortgage business through three loan production business channels: wholesale, retail, and correspondent. Our wholesale channel, Saxon Mortgage, Inc., originates and purchases loans through a network of approximately 4,000 independent brokers throughout the country. Our retail channel, America�s MoneyLine, Inc., originates mortgage loans directly to borrowers through a retail branch network with 27 locations that have all required state licenses, including licensed loan officers, where applicable, and uses direct mail and the Internet to originate loans. Our correspondent channel purchases mortgage loans from approximately 350 correspondent lenders following a complete re-underwriting of each loan we purchase. Our fourth business channel is our servicing business channel, Saxon Mortgage Services, Inc., which services the loans in our portfolio as well as loans owned by third parties.