FOR IMMEDIATE RELEASE
Salt Lake City, Utah, May 9, 2013 – Security National Financial Corporation (NASDAQ Symbol “SNFCA”) announced today the purchase of a $3.8 million portfolio of performing loans secured by multi-family and mixed-use properties located in Southern California. The properties securing the loan portfolio consist of three multi-family properties in Beverly Hills and Englewood, California, as well as two mixed-use and a commercial property in Lawndale and San Diego, California.
Due to the low loan-to-value and long standing performance of these loans, the Company believes these to be conservative, low risk investments yielding a strong rate of return, which aligns with the Company’s long term investment objectives. With favorable growth in Southern California retail and housing markets, these loans give the Company a greater presence in economically viable and established neighborhoods in Southern California.
Garrett Sill, Acting Chief Financial Officer of SNFC, noted: “After thorough site visits and due diligence, we found this portfolio to be a great addition to our existing mortgage portfolio. The low loan-to-values and strong payment histories combined with an above market yield made this an attractive purchase for the Company.”
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
For Further Information Contact:
Brian Nelsen or Garrett S. Sill
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
(Telephone) (801) 264-1060
(Fax) (801) 265-9882