May 9, 2000
The Irvine residential mortgage loan company posted a third-quarter net loss of $1.1 million, or 21 cents a share, including a write-off of $1.4 million related to Mortgage Logic.com Inc., a wholly owned subsidiary. BNC earned $642,000, or 12 cents a share, a year ago. Revenue for the quarter ended March 31 rose 27% to $13.1 million.
March 3, 2000 |
BNC Mortgage Inc. said Thursday its warehouse credit and security agreement has been extended and modified with Residential Funding Corp., which boosted the company's borrowing limit to $100 million from $50 million. BNC Mortgage, a specialty finance company in Irvine, said the expiration date is July 31.
March 2, 2000 |
BNC Mortgage Inc., said Wednesday it expects third-quarter results to fall below analysts' estimates, mainly because the company's sub-prime loans to less-credit-worthy customers are commanding lower prices in the secondary market. The Irvine finance company indicated its earnings will range between 2 and 5 cents a share for the three months ending March 31. Analysts had estimated earnings of 21 cents a share, according to a survey by First Call/Thomson Financial.
February 26, 2000 |
BNC Mortgage Inc., an Irvine residential lender, said Friday that two class-action lawsuits have been filed against it over the proposed $47-million sale of the company to a group consisting of managers and an investment company. Both suits, one in Orange County Superior Court and the other in a Delaware Chancery Court, were filed by stockholders who allege the company breached its fiduciary duties. The company said it and other defendants deny the allegations.
February 19, 2000 |
An investor group on Friday offered $51.7 million for BNC Mortgage Inc., an Irvine residential mortgage lender that has an agreement pending to sell out to its managers for $47 million. The latest bid, amounting to $11 a share, is from a group led by Greenlight Capital LLC, a New York investment management firm.
February 15, 2000 |
Wall Street may not appreciate BNC Mortgage Corp., but its managers figure they know a good deal when they see it. An investment group led by top BNC managers is offering to pay about $47 million, or $10 a share, for the Irvine lender, which specializes in making residential loans to borrowers with poor credit. The price represents a 35% premium over the company's stock price before the deal was announced. But it's a bargain compared with the $9.