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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 14, 1997
CITYSCAPE FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
DELAWARE 0-27314 11-2994671
State or Other Jurisdiction Commission (IRS Employer
of Incorporation File Number Identification No.)
565 Taxter Road, Elmsford, New York 10523-5200
- - --------------------------------------------------------------------------------
(Address of Principal Executive Offices) Zip Code
Registrant's telephone number, including area code: (914) 592-6677
----------------------------------
Former name or former address,
if changed since last report
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Item 5. Other Events.
The following table sets forth selected operating data of Cityscape
Financial Corp. (the "Company") for the periods indicated. This table should be
read in conjunction with the Company's Report on Form 10-Q for the quarter ended
September 30, 1997.
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------- ---------------------------------
1997 1996 1997 1996
--------------- --------------- -------------- ---------------
(Dollars in thousands)
ORIGINATION AND SALE DATA:
Loans originated and
purchased:
US $450,418 $469,067 $1,291,447 $925,751
UK 112,896 67,521 329,316 135,418(1)
-------- -------- ---------- ----------
Total $563,314 $536,588 $1,620,763 $1,061,169
======== ======== ========== ==========
Loans sold:
US $445,658 $441,700 $1,275,509 $ 898,400
UK 112,896 67,521 347,980 135,418(2)
-------- -------- ---------- ----------
Total $558,554 $509,221 $1,623,489 $1,033,818
======== ======== ========== ==========
As of September 30, As of December 31,
1997 1996
--------------------------------- ---------------------------------
Dollars in % of Serviced Dollars in % of Serviced
Thousands Portfolio Thousands Portfolio
--------------- --------------- -------------- ---------------
PORTFOLIO DATA:
US serviced portfolio(3) $ 2,406,227 100.0% $ 1,470,344 100.0%
============ ===== ============ =====
Delinquencies:
30-59 days delinquent $ 41,183 1.7% $ 54,733 3.7%
60-89 days delinquent 22,410 0.9% 19,733 1.4%
90 days or more delinquent 18,560 0.8% 24,800 1.7%
------------ ----- ------------ -----
Total US delinquencies $ 82,153 3.4% $ 99,266 6.8%
============ ===== ============ =====
Defaults:
Bankruptcies $ 22,095 0.9% $ 4,269 0.3%
Foreclosures 101,810 4.2% 27,689 1.9%
------------ ----- ------------ -----
Total defaults $ 123,905 5.1% $ 31,958 2.2%
============ ===== ============ =====
REO property $ 3,905 0.2% $ 1,328 0.1%
============ ===== ============ =====
Charge-offs $ 2,191 0.1% $ - 0.0%
============ ===== ============ =====
UK serviced portfolio $ 709,834 100.0% $ 511,140 100.0%
============ ===== ============ =====
Delinquencies:
30-59 days delinquent $ 33,918 4.8% $ 24,147 4.7%
60-89 days delinquent 21,570 3.0% 10,668 2.1%
90 days or more delinquent 73,884 10.4% 41,427 8.1%
------------ ----- ------------ -----
Total UK delinquencies $ 129,372 18.2% $ 76,242 14.9%
============ ===== ============ =====
Defaults:
CSC-UK repossessed $ 2,680 0.4% $ 2,146 0.4%
Other charge repossessed 854 0.1% 377 0.1%
------------ ----- ------------ -----
Total defaults $ 3,534 0.5% $ 2,523 0.5%
============ ===== ============= =====
(1) Nine months ended September 30, 1996 data excludes UK loan originations and
purchases of $51.9 million and $190.5 million due to loans acquired as a
result of the J&J Acquisition and the Greyfriars Acquisition, respectively.
(2) Nine months ended September 30, 1996 data excludes UK loan sales of $47.5
million and $153.7 million due to loans acquired as a result of the J&J
Acquisition and the Greyfriars Acquisition, respectively.
(3) Excludes loans serviced pursuant to contract servicing and master servicing
agreements.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.
CITYSCAPE FINANCIAL CORP.
(Registrant)
By: /s/ Robert C. Patent
-------------------------
Name: Robert C. Patent
Title: Executive Vice President
Dated: November 17, 1997