<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
------
New Century Financial Corporation
----------------------------------
(Name of Issuer)
COMMON STOCK
----------------------------------
(Title of Class of Securities)
64352D101
----------------------------------
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on following page(s))
Page 1 of 11 Pages
---
<PAGE>
CUSIP No. 64352D101 13G Page 2 of 11 Pages
--------- --- ---
THE BAPTIST FOUNDATION OF ARIZONA
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions)* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
Arizona
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting
Beneficially Power 0
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting
Person With Power 3,370,656
--------------------------------------------------
(7) Sole Dispositive
Power 0
--------------------------------------------------
(8) Shared Dispositive
Power 3,370,656
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,370,656
- -------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
23.9%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person*
HC
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 64352D101 13G Page 3 of 11 Pages
--------- --- ---
FOUNDATION ADMINISTRATIVE SERVICES, INC.
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions)* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
Arizona
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting
Beneficially Power 0
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting
Person With Power 3,370,656
--------------------------------------------------
(7) Sole Dispositive
Power 0
--------------------------------------------------
(8) Shared Dispositive
Power 3,370,656
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,370,656
- -------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
23.9%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person*
HC
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 64352D101 13G Page 4 of 11 Pages
--------- --- ---
THE FOUNDATION COMPANIES, INC.
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions)* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
Arizona
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting
Beneficially Power 0
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting
Person With Power 3,370,656
--------------------------------------------------
(7) Sole Dispositive
Power 0
--------------------------------------------------
(8) Shared Dispositive
Power 3,370,656
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,370,656
- -------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
23.9%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 64352D101 13G Page 5 of 11 Pages
--------- --- ---
CORNERSTONE FUND I, L.L.C.
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions)* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
Arizona
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting
Beneficially Power 0
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting
Person With Power 3,370,656
--------------------------------------------------
(7) Sole Dispositive
Power 0
--------------------------------------------------
(8) Shared Dispositive
Power 3,370,656
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,370,656
- -------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
23.9%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Page 6 of 11 Pages
--- ---
ITEM 1(A). NAME OF ISSUER
New Century Financial Corporation (the "Issuer")
- -------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
18400 Von Karman, Suite 1000, Irvine, California 92612
- -------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
The Baptist Foundation of Arizona, Foundation Administrative Services, Inc.,
The Foundation Companies, Inc., Cornerstone Fund I, L.L.C.
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
1313 East Osborn Road, Suite 250, P.O. Box 33339, Phoenix, Arizona 85067
ADDRESS OF THE PRINCIPAL BUSINESS OFFICE OF CORNERSTONE FUND I, L.L.C.
5050 North 40th Street, Suite 310, Phoenix, Arizona 85108
- -------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
The Baptist Foundation of Arizona: Arizona
Foundation Administrative Services, Inc.: Arizona
The Foundation Companies, Inc.: Arizona
Cornerstone Fund I, L.L.C.: Arizona
- -------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
Common Stock, $.01 par value ("Issuer Common")
- -------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
64352D101
- -------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A
Not Applicable
- -------------------------------------------------------------------------------
ITEM 4. OWNERSHIP
THE BAPTIST FOUNDATION OF ARIZONA:
<PAGE>
Page 7 of 11 Pages
--- ---
(a) Amount Beneficially Owned:
3,370,656 (A)
---------------------------------------------------------------------------
(b) Percent of Class:
23.9%
---------------------------------------------------------------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
-----------------------------------------------------------------
(ii) shared power to vote or to direct the vote
3,370,656 (A)
-----------------------------------------------------------------
(iii) sole power to dispose or to direct the disposition of
0
-----------------------------------------------------------------
(iv) shared power to dispose or to direct the disposition of
3,370,656 (A)
-----------------------------------------------------------------
FOUNDATION ADMINISTRATIVE SERVICES, INC.
(a) Amount Beneficially Owned:
3,370,656 (A)
---------------------------------------------------------------------------
(b) Percent of Class:
23.9%
---------------------------------------------------------------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
-----------------------------------------------------------------
(ii) shared power to vote or to direct the vote
3,370,656 (A)
-----------------------------------------------------------------
(iii) sole power to dispose or to direct the disposition of
0
-----------------------------------------------------------------
(iv) shared power to dispose or to direct the disposition of
3,370,656 (A)
-----------------------------------------------------------------
THE FOUNDATION COMPANIES, INC.
(a) Amount Beneficially Owned:
3,370,656 shares (A)
---------------------------------------------------------------------------
(b) Percent of Class:
23.9%
---------------------------------------------------------------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
-----------------------------------------------------------------
(ii) shared power to vote or to direct the vote
3,370,656 (A)
-----------------------------------------------------------------
(iii) sole power to dispose or to direct the disposition of
0
-----------------------------------------------------------------
(iv) shared power to dispose or to direct the disposition of
3,370,656 (A)
-----------------------------------------------------------------
CORNERSTONE FUND I, L.L.C.
(a) Amount Beneficially Owned:
3,370,656 (A)
---------------------------------------------------------------------------
(b) Percent of Class:
23.9%
---------------------------------------------------------------------------
<PAGE>
Page 8 of 11 Pages
-- ---
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
-----------------------------------------------------------------
(ii) shared power to vote or to direct the vote
0
-----------------------------------------------------------------
(iii) sole power to dispose or to direct the disposition of
0
-----------------------------------------------------------------
(iv) shared power to dispose or to direct the disposition of
3,370,656 (A)
-----------------------------------------------------------------
(A) All shares are owned of record by Cornerstone Fund I, L.L.C. The
Foundation Companies, Inc., is the managing member of Cornerstone
Fund I, L.L.C., and, as manager, has the sole right to vote all
shares of Issuer Common held by Cornerstone Fund I, L.L.C. The
Foundation Companies, Inc. is a wholly-owned subsidiary of The
Baptist Foundation of Arizona. Under the Amended and Restated
Operating Agreement of Cornerstone Fund I, L.L.C., no shares of
Issuer Common held by Cornerstone Fund I, L.L.C. may be disposed of
without the consent of Cornerstone Equity Partners, L.L.C., an
Arizona limited liability company and a member of Cornerstone Fund I,
L.L.C.
- ------------------------------------------------------------------------------
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable
- -------------------------------------------------------------------------------
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable.
- -------------------------------------------------------------------------------
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
See Exhibit 7.1
- -------------------------------------------------------------------------------
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable.
- -------------------------------------------------------------------------------
ITEM 9. DISSOLUTION OF GROUP
Not applicable
- -------------------------------------------------------------------------------
ITEM 10. CERTIFICATION
Not applicable
<PAGE> Page 9 of 11 Pages
-- ---
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 17, 1998
THE BAPTIST FOUNDATION OF ARIZONA
By: /s/ Thomas D. Grabinski
--------------------------------------
Title: Secretary
-----------------------------------
FOUNDATION ADMINISTRATIVE SERVICES, INC.
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
THE FOUNDATION COMPANIES, INC.
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
CORNERSTONE FUND I, L.L.C.
By: THE FOUNDATION COMPANIES, INC.,
MANAGER
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
<PAGE> Page 10 of 11 Pages
-- ---
EXHIBIT 1
CERTIFICATION REGARDING JOINT FILING OF
SCHEDULE 13G PURSUANT TO RULE 13d-1(f)
OF THE SECURITIES AND EXCHANGE COMMISSION
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 17, 1998
THE BAPTIST FOUNDATION OF ARIZONA
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
FOUNDATION ADMINISTRATIVE SERVICES, INC.
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
THE FOUNDATION COMPANIES, INC.
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
CORNERSTONE FUND I, L.L.C.
By: THE FOUNDATION COMPANIES, INC.,
MANAGER
By: /s/ Thomas D. Grabinski
------------------------------------
Title: Secretary
-----------------------------------
<PAGE>
Page 11 of 11 Pages
EXHIBIT 7.1
IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
All shares are owned of record by Cornerstone Fund I, L.L.C., an Arizona
limited liability company. The Foundation Companies, Inc., an Arizona
corporation, is the managing member of Cornerstone Fund I, L.L.C. and, as
manager, has the sole right to vote all shares of Issuer Common held by
Cornerstone Fund I, L.L.C. The Foundation Companies, Inc. is a wholly-owned
subsidiary of Foundation Administrative Services, Inc., an Arizona
corporation, which is a wholly-owned subsidiary of The Baptist Foundation of
Arizona, an Arizona corporation.
