Velocity Enters Into Agreements To Acquire Toorak’s Operating Platform And Manage Toorak’s $3 Billion Business-Purpose Loan Portfolio
VEL•Velocity agrees to acquire Toorak operating platform and manage loan portfolio
Aug. 27 (Reuters) - Velocity Financial Inc. (VEL.N):
- Velocity enters into agreements to acquire Toorak’s operating platform and manage Toorak’s $3 billion business-purpose loan portfolio.
- Toorak will sell the $3 billion business-purpose loan portfolio to a third-party investment firm.
- The total value of the transactions is estimated at $3.20 billion as of June 30, 2026.
- Velocity said the transactions are expected to be accretive to GAAP earnings in 2027.
- Velocity will buy Toorak’s operating platform in a 100% cash deal.
