Toll Brothers, Inc., (NYSE:TOL) (www.tollbrothers.com), the
nation's leading builder of luxury homes, through its wholly-owned
TBI Mortgage subsidiary, today announced it had finalized a new
$210 million mortgage warehouse facility. The facility
increases the existing $150 million mortgage warehouse facility,
and extends its maturity to October 2017. Comerica acted as
administrative agent, with BB&T and Flagstar participating in
the facility.
TBI Mortgage is the wholly-owned subsidiary of
Toll Brothers, Inc. that provides home mortgages to approximately
60% of the Toll Brothers customers who finance the purchase of
their home. TBI Mortgage underwrites, issues and services the loan
until it is sold to an institutional
investor.
Donald Salmon, TBI Mortgage’s president, stated:
"We are pleased to continue our longstanding relationship with
Comerica and welcome BB&T and Flagstar to our mortgage
warehouse facility. With the strong credit profiles of our
customers, the increase in the facility will allow TBI Mortgage to
continue to offer superior mortgage products to Toll Brothers’
buyers and financially sound product to our partners as we continue
to grow.”
Toll Brothers, Inc., A FORTUNE 1000 Company, is
the nation's leading builder of luxury homes. The Company began
business in 1967 and became a public company in 1986. Its
common stock is listed on the New York Stock Exchange under the
symbol “TOL.” The Company serves move-up, empty-nester,
active-adult, and second-home buyers and operates in 20 states:
Arizona, California, Colorado, Connecticut, Delaware, Florida,
Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota,
Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas,
Virginia, and Washington, as well as in the District of
Columbia.
Toll Brothers builds an array of luxury
residential single-family detached, attached home, master planned
resort-style golf, and urban low-, mid-, and high-rise communities,
principally on land it develops and improves. The Company operates
its own architectural, engineering, mortgage, title, land
development and land sale, golf course development and management,
home security, and landscape subsidiaries. The Company also
operates its own lumber distribution, house component assembly, and
manufacturing operations. The Company purchases distressed
loan and real estate asset portfolios through its wholly owned
subsidiary, Gibraltar Capital and Asset Management. The Company
acquires and develops commercial and apartment properties through
Toll Brothers Apartment Living, Toll Brothers Campus Living, and
the affiliated Toll Brothers Realty Trust, and develops urban
low-, mid-, and high-rise for-sale condominiums through Toll
Brothers City Living.
In 2016, Toll Brothers ranked #6 among all 1,500
companies in Fortune magazine’s survey of the World’s Most Admired
Companies in the Quality of Products/Services Offered category
behind only Apple, Walt Disney, Amazon, Alphabet, and Nordstrom.
The firm was also named as the Most Admired Home Building Company
for 2016, the second year in a row it has been so honored. Toll
Brothers was named 2014 Builder of the Year
by Builder magazine, and is honored to have been awarded
Builder of the Year in 2012 by Professional
Builder magazine, making it the first two-time
recipient. Toll Brothers proudly supports the communities in
which it builds; among other philanthropic pursuits, the Company
sponsors the Toll Brothers Metropolitan Opera International Radio
Network, bringing opera to neighborhoods throughout the world. For
more information, visit www.tollbrothers.com.
Toll Brothers discloses information about its
business and financial performance and other matters, and provides
links to its securities filings, notices of investor events, and
earnings and other news releases, on the Investor Relations section
of its website (tollbrothers.com/investor-relations).
Forward Looking Statement
Certain information included in this release is
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
information related to: anticipated operating results; anticipated
financial performance, resources and condition; selling
communities; home deliveries; average home prices; consumer demand
and confidence; contract pricing; business and investment
opportunities; and market and industry trends.
Such forward-looking information involves
important risks and uncertainties that could significantly affect
actual results and cause them to differ materially from
expectations expressed herein and in other Company reports, SEC
filings, statements and presentations. These risks and
uncertainties include, among others: local, regional, national and
international economic conditions; fluctuating consumer demand and
confidence; interest and unemployment rates; changes in sales
conditions, including home prices, in the markets where we build
homes; conditions in our newly entered markets and newly acquired
operations; the competitive environment in which we operate; the
availability and cost of land for future growth; conditions that
could result in inventory write-downs or write-downs associated
with investments in unconsolidated entities; the ability to recover
our deferred tax assets; the availability of capital; uncertainties
in the capital and securities markets; liquidity in the credit
markets; changes in tax laws and their interpretation; effects of
governmental legislation and regulation; the outcome of various
legal proceedings; the availability of adequate insurance at
reasonable cost; the impact of construction defect, product
liability and home warranty claims, including the adequacy of
self-insurance accruals, and the applicability and sufficiency of
our insurance coverage; the ability of customers to obtain
financing for the purchase of homes; the ability of home buyers to
sell their existing homes; the ability of the participants in
various joint ventures to honor their commitments; the availability
and cost of labor and building and construction materials; the cost
of raw materials; construction delays; domestic and international
political events; and weather conditions. For a more detailed
discussion of these factors, see the information under the captions
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our most recent
annual report on Form 10-K and our subsequent quarterly reports on
Form 10-Q filed with the Securities and Exchange Commission.
Any or all of the forward-looking statements
included in this release are not guarantees of future performance
and may turn out to be inaccurate. Forward-looking statements
speak only as of the date they are made. The Company
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothersinc.com
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