FOR IMMEDIATE RELEASE
September 01, 2004

Ellen Qualls
www.governor.virginia.gov
(804) 786-2211, x2379


Ms. Bobbi Roberts
Saxon Capital, Inc.
(804) 967-7879
Jill Vaughan
VEDP
(804) 371-0049
MORTGAGE COMPANY ANNOUNCES HENRICO COUNTY AS SITE FOR EXPANSION
-Governor Warner announces Saxon Capital to create 234 new jobs-


RICHMOND - Gov. Mark R. Warner today announced that Saxon Capital, Inc. (NASDAQ:SAXN), a mortgage lending and servicing company headquartered in the Richmond area, will build a 115,000-square-foot-building next to its existing facility in Henrico County. Through a $17 million investment, the company will create 234 new jobs over three years at its new facility in Innsbrook Corporate Center, which serves as the Saxon headquarters. Virginia successfully competed with California and Texas for this lucrative project.

“We are pleased that Saxon Capital has chosen to expand its existing facility in Henrico County,” said Governor Warner. “It is exactly the kind of top-notch service company that can make the most of the high-quality workforce that Henrico County has to offer.”

Saxon is a mortgage lender and servicer that originates, purchases, securitizes and services residential mortgages. Saxon is headquartered in Glen Allen, Va., and has additional primary facilities in Fort Worth, Texas, and Foothill Ranch, Calif.

“When it came time to expand, the deciding factors were Henrico County’s positive business environment and superb workforce. Virginia’s commitment to helping Saxon with incentives for recruiting and training new employees also makes Henrico County a smart choice,” said Michael L. Sawyer, Saxon’s Chief Executive Officer.

The Virginia Economic Development Partnership, the Greater Richmond Partnership, and the Henrico County Economic Development Authority assisted Saxon with its decision to expand. The Virginia Department of Business Assistance will support the project through its Workforce Services program. Highwoods Properties (NYSE:HIW) was awarded the build-to-suit contract.

"The decision by Saxon Mortgage to expand its operations is great news,” said Virgil Hazelett, Henrico County Manager. "I think it shows that our pro-business attitude and available workforce continue to be important to companies."

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