Friedman Billings Ramsey is expected to file an S-1 shelf filing with the Securities and Exchange Commission for a home equity ABS dealer shelf in coming weeks, the first for the Arlington, Va.-based firm, sources said.
Officials at FBR had not returned phone calls seeking further comment on the new shelf at press time. The revelation is in line with FBR's acquisition of non-conforming mortgage originator First NLC Financial Services, announced last week. The transaction exchanges a 100% equity stake in NLC for $88 million in stock and cash paid to an affiliate of private equity firm Sun Capital Partners, and is scheduled to close in late February, according to a statement from FBR. NLC should have a tangible book value of roughly $16 million at the time of closing, and originates roughly $4 billion annually.