Money Management – Good Wedding Directory http://goodweddingdirectory.com/ Sun, 15 May 2022 09:02:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://goodweddingdirectory.com/wp-content/uploads/2021/05/default1.png Money Management – Good Wedding Directory http://goodweddingdirectory.com/ 32 32 Mortgage market opens to gig workers https://goodweddingdirectory.com/mortgage-market-opens-to-gig-workers/ Sun, 15 May 2022 09:02:39 +0000 https://goodweddingdirectory.com/mortgage-market-opens-to-gig-workers/ Lew Sichelman The pandemic has prompted millions of workers to take a break and leave their desks and jobs – many to start their own businesses or try to work part-time. But COVID-19 has also led the two biggest providers of home loan money to tighten their underwriting standards, making it harder for so-called “gig […]]]>

Lew Sichelman

The pandemic has prompted millions of workers to take a break and leave their desks and jobs – many to start their own businesses or try to work part-time.

But COVID-19 has also led the two biggest providers of home loan money to tighten their underwriting standards, making it harder for so-called “gig workers” to qualify for financing.

Now Fannie Mae and Freddie Mac — the government-sponsored companies that buy loans from major lenders and bundle them into securities to sell to investors — have waived some of their most onerous requirements. As a result, funding should be more abundant.

16 million workers and counting

Gig workers are defined as independent contractors, on-call workers and temporary workers. Typically, they enter into formal agreements with on-demand companies to provide services to the company’s customers. Musicians are gig workers, as are Lyft drivers, some tax preparers — even unionized housing columnists.

Prior to the pandemic, the Bureau of Labor Statistics estimated that there would be 10.3 million such workers by 2026. But since COVID hit, it’s likely that number will have grown much more. Pew Research recently put the number at 16 million.

During the pandemic, lenders were required to obtain a year-to-date profit and loss statement showing the income, expenses and net income of self-employed borrowers if they wanted to sell their loans to Fannie and Freddie, like most do. Borrowers were also required to present their latest bank statements.

This did not work for site workers who were paid in cash, did not use banks or did not have an accountant to prepare the required documents. But now those rules are gone and some lenders, perhaps sensing a big opportunity to increase their market share, are targeting gig workers directly.

The country’s largest lender, Detroit-based Rocket Mortgage, may be one of them. He advises independent borrowers to keep a close eye on their very large debt ratios. He also wants them to control their credit and separate business expenses from personal expenses.

Another top lender, United Wholesale Mortgage, offers bank statement loans to the self-employed. The Pontiac, Michigan-based wholesale lender does not make loans directly; instead, it finances loans taken out by local mortgage brokers.

UWM recently told its lending customers that it would allow “qualified borrowers” ​​to provide their personal or business bank statements, as opposed to their tax returns, to qualify for a loan of up to $3 million. The company’s bank statement loans also allow down payments as low as 10%, and there’s no need for mortgage insurance, an important add-on that many lenders charge when the down payment is less than 20%.

Smaller lenders who offer specialty mortgages also cater to the self-employed. A typical guy, Sprout Mortgage of Port Saint Lucie, Fla., makes a direct appeal, touting loans based on bank statements rather than W-2s or tax returns.

“We understand that you love your freedom, appreciate the flexibility and are ready to buy a home, but you don’t have all the documentation required for a typical mortgage,” the company said on its website.

Growing Niche Tech Shows

Meanwhile, in an indication that this lending niche is growing, technology is catching up. For example, Freddie Mac launched a new feature that analyzes direct deposit data to help underwriters make better decisions. According to Freddie, 97% of all workers, full-time and part-time, now use direct deposits.

Meanwhile, LoanLogics, a technology company in Jacksonville, Fla., is supporting Freddie’s initiative by offering “representation and warranty” relief related to the accuracy and integrity of tax return data used to calculate the eligible income of the borrower. The insurance-like program protects lenders from having to repurchase loans if they miscalculate or otherwise err when approving a borrower.

One of the big problems with gig workers is accommodating their sometimes uneven, sometimes seasonal, and otherwise irregular income and debt. But LoanLogic’s product will help underwriters calculate self-employment and non-traditional income from any source, the company said.

Fannie Mae is also extending its verification process, albeit manually. Where the required data is not instantly available in digital form, underwriters will now be able to advance the process by turning to credit reporting agency Equifax for verification requirements.

Of course, not all gig workers drive part-time for DoorDash or sleep in their parents’ basements.

“Gig economy workers typically have full-time jobs, are college-educated, use the gig economy to supplement their income, and earn about $50,000 or more per year in total,” says a report. by Fannie.

Still, there is a downside to lending to those working in the gig economy. Jobs can end quickly and unexpectedly. Freelancers, for example, are usually fired before employees. There is some uncertainty about how and when gig workers will be paid, and important benefits like health insurance and bonuses are virtually non-existent.

Overall, though, more gig workers will be able to enjoy the benefits of self-employment without worrying that its quirks will keep them from becoming homeowners.

— Freelance writer Mark Fogarty contributed to this column.

Lew Sichelman has been covering real estate for over 50 years. He is a regular contributor to numerous shelter magazines and housing and housing finance industry publications. Readers can contact him at lsichelman@aol.com.

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LOANDEPOT, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://goodweddingdirectory.com/loandepot-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Fri, 13 May 2022 20:23:08 +0000 https://goodweddingdirectory.com/loandepot-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ The following discussion provides an analysis of the Company's financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with our consolidated financial statements and the accompanying notes included under Part I. Item 1 of this report. The results of operations described below are not necessarily indicative of […]]]>
The following discussion provides an analysis of the Company's financial
condition, cash flows and results of operations from management's perspective
and should be read in conjunction with our consolidated financial statements and
the accompanying notes included under Part I. Item 1 of this report. The results
of operations described below are not necessarily indicative of the results to
be expected for any future periods. This discussion includes forward-looking
information that involves risks and assumptions which could cause actual results
to differ materially from management's expectations. See our cautionary language
at the beginning of this report under "Special Note Regarding Forward-Looking
Statements" and for a more complete discussion of the factors that could affect
our future results refer to Part II. "Item 1A. Risk Factors" and elsewhere in
this Form 10-Q and Part I, Item 1A "Risk Factors" in our 2021 Form 10-K.
Capitalized terms used but not otherwise defined herein have the meanings set
forth in the our Form 10-K.

Overview

loanDepot is a customer-centric and technology-enabled residential mortgage
platform. We launched our business in 2010 to provide mortgage loan solutions to
consumers who were dissatisfied with the services offered by banks and other
traditional market participants. Since our inception, we have significantly
expanded our origination platform both in terms of size and capabilities. Our
primary sources of revenue are derived from the origination of conventional and
government mortgage loans, servicing conventional and government mortgage loans,
and providing a growing suite of ancillary services.

The Company’s common shares began trading on New York Stock Exchange on
February 11, 2021 under the symbol “LDI”. The initial public offering consisted of 3,850,000 Class A common shares, $0.001 nominal value per share, at an offer price of $14.00 per share, pursuant to a registration statement on Form S-1.

A summary of our critical accounting policies and estimates is included in the Critical Accounting Policies and Estimates section.

Key Factors Affecting Our Results of Operations

Market and economic environment


The consumer lending market and the associated loan origination volumes for
mortgage loans are influenced by interest rates and economic conditions. While
borrower demand for consumer credit has typically remained strong in most
economic environments, general market conditions, including the interest rate
environment, unemployment rates, home price appreciation and consumer confidence
may affect borrower willingness to seek financing and investor desire and
ability to invest in loans. For example, a significant interest rate increase or
rise in unemployment could cause potential borrowers to defer seeking financing
as they wait for interest rates to stabilize or the general economic environment
to improve. Additionally, if the economy weakens and actual or expected default
rates increase, loan investors may postpone or reduce their investments in loan
products.

The volume of mortgage loan originations associated with home purchases is
generally less affected by interest rate fluctuations and more sensitive to
broader economic factors as well as the overall strength of the economy and
housing prices. Purchase mortgage loan origination volume can be subject to
seasonal trends as home sales typically rise during the spring and summer
seasons and decline in the fall and winter seasons. This is somewhat offset by
purchase loan originations sourced from our joint ventures which experience
their highest level of activity during November and December as home builders
focus on completing and selling homes prior to year-end. Seasonality has less of
an impact on mortgage loan refinancing volumes, which are primarily driven by
fluctuations in mortgage loan interest rates.

Interest rate fluctuations


Our mortgage loan refinancing volumes (and to a lesser degree, our purchase
volumes), balance sheets, and results of operations are influenced by changes in
interest rates and how we effectively manage the related interest rate risk. As
interest rates decline, mortgage loan refinance volumes tend to increase, while
an increasing interest rate environment may cause a decrease in refinance
volumes and purchase volumes. In addition, the majority of our assets are
subject to interest rate risk, including LHFS, which consist of mortgage loans
held on our consolidated balance sheets for a short period of time after
origination until we are able to sell them, IRLCs, servicing rights and
mandatory trades, forward sales contracts, interest rate


                                       36

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swap futures and put options that we enter into to manage interest rate risk
created by IRLCs and uncommitted LHFS. We refer to such mandatory trades,
forward sales contracts, interest rate swap futures and put options collectively
as "Hedging Instruments." As interest rates increase, our LHFS and IRLCs
generally decrease in value while our Hedging Instruments utilized to hedge
against interest rate risk typically increase in value. Rising interest rates
cause our expected mortgage loan servicing revenues to increase due to a decline
in mortgage loan prepayments which extends the average life of our servicing
portfolio and increases the value of our servicing rights. Conversely, as
interest rates decline, our LHFS and IRLCs generally increase in value while our
Hedging Instruments decrease in value. In a declining interest rate environment,
borrowers tend to refinance their mortgage loans, which increases prepayment
speed and causes our expected mortgage loan servicing revenues to decrease,
which reduces the average life of our servicing portfolio and decreases the
value of our servicing rights. The changes in fair value of our servicing rights
are recorded as unrealized gains and losses in changes in fair value of
servicing rights, net, in our consolidated statements of operations.

When interest rates rise, rate and term refinancings become less attractive to
consumers after a historically long period of low interest rates. However,
rising interest rates are also indicative of overall economic growth and
inflation that should create more opportunities with respect to cash-out
refinancings. In addition, inflation which may result from increases in asset
prices and stronger economic growth (leading to higher consumer confidence)
typically should generate more purchase-focused transactions requiring loans and
greater opportunities for home equity loans.

Current market conditions:


According to the MBA's Mortgage Finance Forecast published April 13, 2022, there
was approximately $12.7 trillion of residential mortgage debt outstanding in the
United States at March 31, 2022 which is forecasted to increase to $13.5
trillion by March 31, 2023. During the year ended December 31, 2021, annual
one-to-four family residential mortgage origination volumes were $4.0 trillion,
of this $2.3 trillion was comprised of refinance volume. Annual one-to-four
family residential mortgage origination volumes are expected to decrease by 39%
to $2.4 trillion by December 31, 2023. The primary driver of this decrease is
refinance volume, which is expected to decrease by $1.7 trillion, partially
offset by a $127.0 billion expected increase in purchase volume.

Key performance indicators


We manage and assess the performance of our business by evaluating a variety of
metrics. Selected key performance metrics include loan originations and sales
and servicing metrics.

Loan Origination and Sales

Loan originations and sales by volume and units are a measure of how successful
we are at growing sales of mortgage loan products and a metric used by
management in an attempt to isolate how effectively we are performing. We
believe that originations and sales are an indicator of our market penetration
in mortgage loans and that this provides useful information because it allows
investors to better assess the underlying growth rate of our core business. Loan
originations and sales include brokered loan originations not funded by us. We
enter into IRLCs to originate loans, at specified interest rates, with customers
who have applied for a mortgage and meet certain credit and underwriting
criteria. We believe the volume of our IRLCs is another measure of our growth in
originations.

Gain on sale margin represents the total of (i) gain on origination and sale of
loans, net, and (ii) origination income, net, divided by loan origination volume
during period. Gain on the origination and sale of loans, net was adjusted to
exclude the change in fair value of forward sale contracts, including pair-offs,
hedging MSRs, which are now included in the change in fair value of servicing
rights, net on the consolidated statements of operations. We determined that
this change would more appropriately reflect the hedged item and better align
with industry practices. Gain on origination and sale of loans, net and change
in fair value of servicing rights, net, in the current and prior periods along
with the related disclosures have been adjusted to reflect this
reclassification.

Pull through weighted gain on sale margin represents the total of (i) gain on
origination and sale of loans, net, and (ii) origination income, net, divided by
the pull through weighted rate lock volume. Pull through weighted rate lock
volume is the unpaid principal balance of loans subject to interest rate lock
commitments, net of a pull-through factor for the loan funding probability.

Servicing Metrics


                                       37
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Servicing metrics include the unpaid principal balance of our servicing
portfolio and servicing portfolio units, which represent the number of mortgage
loan customers we service. We believe that the net additions to our portfolio
and number of units are indicators of the growth of our mortgage loans serviced
and our servicing income, but may be offset by sales of servicing rights.

                                                                              Three Months Ended
                                                                                   March 31,
(Dollars in thousands)                                                    2022                  2021
Financial statement data
Total revenue                                                        $    503,311          $  1,316,008
Total expenses                                                            606,256               869,878
Net (loss) income                                                         (91,318)              427,853

(Loss) earnings per share of Class A and Class D common stock:
Basic                                                                $      (0.25)         $       0.36
Diluted                                                              $      (0.25)         $       0.36

Non-GAAP financial measures(1)
Adjusted total revenue                                               $    504,606          $  1,241,441
Adjusted net (loss) income                                                (81,732)              319,527
Adjusted (LBITDA) EBITDA                                                  (74,403)              458,098
Adjusted diluted (loss) earnings per share                           $      (0.26)         $       0.99

Loan origination and sales
Loan originations by channel:
Retail                                                               $ 16,479,390          $ 33,427,789
Partner                                                                 5,071,341             8,051,362
Total                                                                $ 21,550,731          $ 41,479,151

Loan originations by purpose:
Purchase                                                             $  8,030,766          $  7,916,512
Refinance                                                              13,519,965            33,562,639
Total                                                                $ 21,550,731          $ 41,479,151
Loan originations (units)                                                  64,951               111,400

Licensed loan officers:
Retail                                                                      2,960                 2,568
Partner                                                                       301                   239
Total                                                                       3,261                 2,807

Loans sold:
Servicing retained                                                   $ 17,122,716          $ 37,435,791
Servicing released                                                      5,745,322             2,492,886
Total                                                                $ 22,868,038          $ 39,928,677
Loans sold (units)                                                         68,149               108,687




                                       38
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                                                                               Three Months Ended
                                                                                    March 31,
(Dollars in thousands)                                                     2022                   2021
Gain on sale margin                                                           1.96  %                2.98  %
Gain on sale margin - retail                                                  2.24                   3.25
Gain on sale margin - partner                                                 1.07                   1.85

Pull through weighted gain on sale margin                                     2.13                   3.69

IRLCs                                                                $  29,991,452          $  45,762,661
IRLCs (units)                                                               91,020                131,551

Pull through weighted lock volume                                    $  

19,800,045 $33,462,355


Servicing metrics
Total servicing portfolio (unpaid principal balance)                 $ 153,385,817          $ 129,709,892
Total servicing portfolio (units)                                          496,868                414,540
60+ days delinquent ($)                                              $   1,444,779          $   2,125,573
60+ days delinquent (%)                                                       0.94  %                1.64  %
Servicing rights at fair value, net(2)                               $   2,078,187          $   1,766,088
Weighted average servicing fee (3)                                            0.29  %                0.30  %
Multiple(3) (4)                                                                4.9                    4.7


(1)Refer to the section titled "Non-GAAP Financial Measures" for a discussion
and reconciliation of our Non-GAAP financial measures.
(2)Amount represents the fair value of servicing rights, net of servicing
liabilities, which are included in accounts payable, accrued expenses, and other
liabilities in the consolidated balance sheets.
(3)Agency only.
(4)Amounts represent the fair value of servicing rights, net, divided by the
weighted average annualized servicing fee.


Operating results



The following table sets forth our consolidated financial statement data for the
three months ended March 31, 2022 compared to the three months ended March 31,
2021.


                                       39
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                                                       Three Months Ended
                                                           March 31,                              Change      Change
(Dollars in thousands)                             2022                 2021                        $           %
                                                             (Unaudited)

REVENUES:

Net interest income                            $   13,076          $     1,233                                                 $  11,843              960.5  %
Gain on origination and sale of loans,
net                                               363,131            1,133,575                                                  (770,444)             (68.0)
Origination income, net                            59,073              101,599                                                   (42,526)             (41.9)
Servicing fee income                              111,059               82,568                                                    28,491               34.5
Change in fair value of servicing
rights, net                                       (68,383)             (43,635)                                                  (24,748)             (56.7)
Other income                                       25,355               40,668                                                   (15,313)             (37.7)
Total net revenues                                503,311            1,316,008                                                  (812,697)             (61.8)

EXPENSES:
Personnel expense                                 345,993              603,735                                                  (257,742)             (42.7)
Marketing and advertising expense                 101,513              109,626                                                    (8,113)              (7.4)
Direct origination expense                         53,157               46,976                                                     6,181               13.2
General and administrative expense                 49,748               51,317                                                    (1,569)              (3.1)
Occupancy expense                                   9,396                9,988                                                      (592)              (5.9)
Depreciation and amortization                      10,545                8,454                                                     2,091               24.7
Servicing expense                                  21,511               26,611                                                    (5,100)             (19.2)
Other interest expense                             14,393               13,171                                                     1,222                9.3
Total expenses                                    606,256              869,878                                                  (263,622)             (30.3)

(Loss) income before income taxes                (102,945)             446,130                                                  (549,075)            (123.1)

Income tax (benefit) expense                      (11,627)              18,277                                                   (29,904)            (163.6)

Net (loss) income                                 (91,318)             427,853                                                  (519,171)            (121.3)

Net (loss) income attributable to
noncontrolling interests                          (56,577)             382,978                                                  (439,555)          

(114.8)


Net (loss) income attributable to
loanDepot, Inc.                                $  (34,741)         $    44,875                                                 $ (79,616)            (177.4)


The results for the three months ended March 31, 2022 reflected a sharp increase
in mortgage rates which resulted in a decrease to our profit margins. The
decrease of $519.2 million, or 121.3% in net income is primarily from a $770.4
million decrease in gain on origination and sale of loans, net, partially offset
by a $263.6 million decrease in total expenses. The increased interest rate
environment during the first quarter of 2022 resulted in a decrease in margins
and volume of mortgage loan originations and IRLCs from the comparable 2021
period.

Revenue


Net Interest Income. Net interest income is earned on LHFS offset by interest
expense on amounts borrowed under warehouse lines to finance such loans until
sold. The increase in net interest income reflected lower utilization of higher
costing warehouse lines and higher yield on LHFS, partially offset by a $1.3
billion decrease in average LHFS.


Gain on origination and sale of loans, net. Gain on origination and sale of loans, net, included the following:

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                                                          Three Months Ended
                                                              March 31,                       Change                Change
(Dollars in thousands)                                2022                 2021                  $                     %
(Discount) premium from loan sales                $ (236,096)         $   470,572          $ (706,668)                 (150.2) %
Servicing rights                                     269,760              529,544            (259,784)                  (49.1)
Fair value losses on IRLC and LHFS                  (393,759)            (579,111)            185,352                    32.0
Fair value gains from Hedging Instruments            676,405              828,225            (151,820)                  (18.3)

Discount points, rebates and lender paid
costs                                                 60,067             (114,855)            174,922                   152.3

Provision for loan loss obligation for
loans sold                                           (13,246)                (800)            (12,446)               (1,555.8)
Total gain on origination and sale of
loans, net                                        $  363,131          $ 1,133,575          $ (770,444)                  (68.0)


•   (Discount) premium from loan sales represent the net premium or discount we
receive or pay in excess of the loan principal amount and certain fees charged
by investors upon sale of the loans. The decrease in premiums from loan sales
was a result of lower volume and margins due to increasing interest rates during
the three months ended March 31, 2022 compared to decreasing rates during the
three months ended March 31, 2021.

•  Servicing rights represent the fair value of servicing rights from loans sold
on a servicing-retained basis. The 49.1% decrease in servicing rights was driven
by the 54.3% decrease in volume of loans sold on a servicing-retained basis.

•Fair value losses on IRLC and LHFS decreased $185.4 million or 32.0%. The
decrease in loss was primarily due to the decrease in volume, partially offset
by increasing interest rates during the three months ended March 31, 2022
compared to decreasing rates during the three months ended March 31, 2021.

•   Fair value gains on Hedging Instruments represent the net unrealized gains
or losses on mandatory trades, forward sales contracts, interest rate swap
futures, and put options hedging IRLCs and LHFS as well as realized gains or
losses from pair-off settlements. The decrease of $151.8 million reflects lower
volumes and changes in interest rates during the period.

•Discount points, rebates, and lender paid costs represent discount points
collected, rebates paid to borrowers, and lender paid costs for the origination
of loans (including broker fee compensation paid to independent wholesale
brokers and brokerage fees paid to our joint ventures for referred loans). The
increase of $174.9 million or 152.3% was driven by an increase in discount
points collected and a decrease in lender paid costs.

•Provision for loan loss obligation related to loans sold represents the
provision to establish our estimated liability for loan losses that we may
experience as a result of a breach of representation or warranty provided to the
purchasers or insurers of loans that we have sold. The increase of $12.4 million
reflects an $8.0 million reversal during the first quarter of 2021 due to a
decrease in estimated losses on repurchase requests and decreased severity of
losses on repurchased loans.

Origination Income, Net. Origination income, net, reflects the fees that we
earn, net of lender credits we pay, from originating loans. Origination income
includes loan origination fees, processing fees, underwriting fees, and other
fees collected from the borrower at the time of funding. Lender credits
typically include rebates or concessions to borrowers for certain loan
origination costs. The $42.5 million or 41.9% decrease in origination income was
the result of a 48.0% decrease in loan origination volumes.

Servicing Fee Income. Servicing fee income reflects contractual servicing fees
and ancillary and other fees (including late charges) related to the servicing
of mortgage loans. The increase of $28.5 million or 34.5% in servicing income
was the result of an increase of $45.7 billion in the average UPB of our
servicing portfolio due to an increase in servicing-retained loan sales.

Change in Fair Value of Servicing Rights, Net. Change in fair value of servicing
rights, net includes (i) fair value gains or losses net of Hedging Instrument
gains or losses; (ii) fallout and decay, which includes principal amortization
and prepayments; and (iii) realized gains or losses on the sales of servicing
rights. Change in fair value of servicing rights, net was a loss of $68.4
million for the three months ended March 31, 2022, as compared to $43.6 million
for the three months ended March 31, 2021;


                                       41

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the increase in loss reflects $75.9 million in fair value gains, net of hedging
losses, partially offset by a $41.0 million decrease in fallout and decay due to
the increasing rate environment for the three months ended March 31, 2022.

Other Income. Other income includes our pro rata share of the net earnings from
joint ventures and fee income from title, escrow and settlement services for
mortgage loan transactions performed by LDSS, and fair value changes in our
trading securities. The decrease of $15.3 million or 37.7% was primarily the
result of a decrease of $8.7 million in escrow and title fee income due to
decreased mortgage loan settlement services and fair value losses of $6.8
million on our trading securities due to the increasing rate environment.

Expenses


Personnel Expense. Personnel expense reflects employee compensation related to
salaries, commissions, incentive compensation, benefits, and other employee
costs. The $257.7 million or 42.7% decrease was the result of a decrease of
$146.6 million in commissions due to the decreases in loan origination volumes
and decreases in salaries and benefits expense of $111.1 million. As of
March 31, 2022, we had 10,054 employees compared to 11,037 employees as of
March 31, 2021, representing a decrease of 8.9%.

Marketing and Advertising Expense. Marketing and advertising expense primarily
reflects online advertising costs, including fees paid to search engines,
television, print and radio, distribution partners, master service agreements
with brokers, and desk rental agreements with realtors. The $8.1 million or 7.4%
decrease in marketing expense was driven by a reduction in national television
campaigns, partially offset by an increase in acquired leads.

Direct Origination Expense. Direct origination expense reflects the unreimbursed
portion of direct out-of-pocket expenses that we incur in the loan origination
process, including underwriting, appraisal, credit report, loan document and
other expenses paid to non-affiliates. The $6.2 million or 13.2% increase
included $3.8 million of operational write-offs and $2.0 million of investor due
diligence fees.

Servicing Expense. Servicing expense reflects in-house servicing costs as well
as amounts that we pay to our sub-servicers to service our mortgage loan
servicing portfolio. The $5.1 million or 19.2% decrease in subservicing expense
reflects our shift to in-house servicing.

Other Interest Expense. The $1.2 million or 9.3% increase in other interest
expense between periods was the result of a $985.0 million increase in average
outstanding debt obligations primarily resulting from a $225.6 million increase
in secured credit facilities, and issuance of the 2028 Senior Notes in March
2021 with an initial balance of $600.0 million. The increase in interest expense
during the three months ended March 31, 2022 was partially offset by a $10.5
million gain on extinguishment of debt from the repurchase of $97.5 million of
the 2028 Senior Notes at an average purchase price of 87.9%.

Income Tax Expense (Benefit). Benefit for income taxes was $11.6 million for the
three months ended March 31, 2022, as compared to expense of $18.3 million for
the three months ended March 31, 2021. The decrease represents the Company's
share of net taxable loss of LD Holdings for three months ended March 31, 2022
compared to net taxable income of LD Holdings for the three months ended
March 31, 2021.


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Agricultural Service Agency Loans Available for Beginning Farmers – Ohio Ag Net https://goodweddingdirectory.com/agricultural-service-agency-loans-available-for-beginning-farmers-ohio-ag-net/ Wed, 11 May 2022 23:09:00 +0000 https://goodweddingdirectory.com/agricultural-service-agency-loans-available-for-beginning-farmers-ohio-ag-net/ By Chris Zoller, Ohio State University Extension Educator, ANR in Tuscarawas County Building and managing a successful farm is a big financial investment and can be especially difficult for those just starting out, especially those who cannot obtain financing from commercial lenders. The Farm Service Agency (FSA) of the United States Department of Agriculture (USDA) […]]]>

By Chris Zoller, Ohio State University Extension Educator, ANR in Tuscarawas County

Building and managing a successful farm is a big financial investment and can be especially difficult for those just starting out, especially those who cannot obtain financing from commercial lenders. The Farm Service Agency (FSA) of the United States Department of Agriculture (USDA) provides and guarantees loans to beginning farmers.

Each year, money is allocated to the FSA for farm property and farm business loans for beginning farmers. These loan programs are important because beginning farmers have always had more difficulty obtaining financial assistance.

What is a beginning farmer?

A beginning farmer is a person or entity who:

  • Not operate a farm for more than 10 years
  • Substantially participates in the operation
  • For farm property loans, the applicant cannot own a farm greater than 30% of the average farm size in the county, at the time of application.
  • If the applicant is an entity, all members must be related by blood or marriage, and all members must be eligible beginning farmers.

In addition, beginning farmers must meet the program’s loan eligibility criteria.

Maximum loan amounts

The Farm Service Agency offers a variety of loans, each with a different maximum loan amount. The types of loans and the maximum amounts authorized are indicated below:

  • Direct Farm Ownership: $600,000
  • Direct operating loan: $400,000
  • Microcredit: $50,000 each for operating and owning a farm
  • Secured farm property or operating loan: $1,825,000
  • EZ Guarantee: $100,000 ($50,000 if the lender is a micro-lender).

Down payment program

The FSA has a special loan program to help beginning farmers buy a farm. Retiring farmers can use this program to transfer their land to future generations. The requirements are listed here:

  • Cash deposit of at least 5% of the purchase price
  • Loan amount limited to 45% of the lesser of:
    • Farm purchase price
    • Appraised value of the farm or
  • $667,000 ($300,150) maximum
  • 20 year loan term
  • The interest rate is 4% lower than the direct farm ownership rate, but not lower than 1.5%.

The remaining balance can be obtained from a commercial or private lender. FSA can guarantee up to 95% of the loan if financing is obtained from a commercial lender. Participating lenders do not incur loan guarantee fees.

If the financing is secured by participating lenders, the amortization period must be at least 30 years and cannot have a lump sum payment due within the first 20 years of the loan.

Additional options to access capital

Beginning farmers may be interested in participating in a joint financing arrangement. FSA will lend up to 50% of the financed amount and another lender will provide the remaining percentage. These funds may be used for any permitted farm property purpose. The interest rate is 2% lower than the direct ownership rate, but not lower than 2.5%. The term of the loan will not exceed 40 years or the useful life of the title.

Land contractual guarantees

The FSA provides financial guarantees for land sales to beginning farmers. The seller can request either:

  • Prompt payment guarantee: a guarantee of up to three amortized annual payments, plus the cost of property taxes and related insurance.
  • Standard guarantee: a guarantee of 90% of the outstanding principal balance under the land contract.

The purchase price of the farm cannot exceed $500,000 or the market value of the property. The buyer is required to provide a minimum deposit of 5% of the purchase price of the farm. The interest rate is fixed at a rate which must not exceed the interest rate for the direct agricultural property loan in force at the time the guarantee is issued, plus three percentage points. The warranty period is 10 years. Contract payments must be amortized over at least 20 years.

How to register

Direct loans are available from your local agricultural service agency office. For secured loans, you must apply with a commercial lender who has participated in the Secured Loans Program. Your local FSA office can provide a list of participating institutions.

If you are unsure which FSA office serves your county, please visit: https://www.farmers.gov/working-with-us/service-center-locator.

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Monroe Capital Hires Gordon Saint-Denis to Lead Vertical Sports Finance | News https://goodweddingdirectory.com/monroe-capital-hires-gordon-saint-denis-to-lead-vertical-sports-finance-news/ Tue, 10 May 2022 10:02:27 +0000 https://goodweddingdirectory.com/monroe-capital-hires-gordon-saint-denis-to-lead-vertical-sports-finance-news/ CHICAGO–(BUSINESS WIRE)–May 10, 2022– Monroe Capital LLC (“Monroe”) announced today that Gordon Saint-Denis has joined the company as Managing Director, Head of Sports Finance. Gordon will be responsible for creating new capital structure investments for acquisition financing and recapitalizations of all major sports teams and venues in North America and Europe, as well as other […]]]>

CHICAGO–(BUSINESS WIRE)–May 10, 2022–

Monroe Capital LLC (“Monroe”) announced today that Gordon Saint-Denis has joined the company as Managing Director, Head of Sports Finance. Gordon will be responsible for creating new capital structure investments for acquisition financing and recapitalizations of all major sports teams and venues in North America and Europe, as well as other sports ecosystem businesses such as such as football, rugby, cycling, running, golf, endurance racing, esports and sports technology companies, merchandising, name, image and likeness (NIL) companies, ticketing and equipment.

Prior to Monroe, Gordon was Managing Director and Group Head in the Sports Advisory & Finance group for Citizens Bank, where he financed teams and venues for the NFL, NHL, NBA, MLB and MLS. Prior to Citizens, Gordon was Managing Director and Group Head in the Sports Advisory & Finance group at Huntington Bank. He also led the Sports Finance Group at CIT Group and co-founded and led the Sports Finance Group at SG Cowen. Gordon has over 20 years of experience in banking as well as sports consulting.

“We are very pleased to add Gordon to the origination team at Monroe Capital,” said Tom Aronson, Vice President and Head of Origination at Monroe Capital. “Gordon’s expertise and connections will enable Monroe to continue to develop our sporting verticality, which aligns with our desire to expand industry specializations within an already strong origination platform. We are always looking to deepen our expertise in specialized niches where we can leverage our investment platform and create high quality investment opportunities for our investors.

Gordon Saint-Denis can be reached at gsaintdenis@monroecap.com and (843) 962-9778.

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a leading asset management company specializing in the private credit markets through various strategies, including direct lending, asset-based lending, specialty finance, opportunistic credit and structured and equity. Since 2004, the company has successfully provided capital solutions to clients in the United States and Canada. Monroe prides itself on being a value-added, customer-friendly partner for business owners, management, and private and independent sponsors. Monroe’s platform offers a wide variety of investment products for institutional and high net worth investors with a focus on generating high quality ‘alpha’ returns regardless of business or economic cycles. The company is headquartered in Chicago with offices in Atlanta, Boston, Los Angeles, Miami, Naples, New York, San Francisco and Seoul.

Monroe has been recognized by both peers and investors with various awards, including Global M&A Network as 2022 Small Midsize Business Lender of the Year, Americas; Private Debt Investor as 2021 Senior Lender of the Year, 2021 Lower Middle Market Lender of the Year, Americas; Creditflux as Best US Direct Lending Fund 2021; and Pension Bridge as Private Credit Strategy of the Year 2020. For more information, visit www.monroecap.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220510005432/en/

CONTACT: Théodore L. Koenig

Monroe Capital LLC

312-523-2360

tkoenig@monroecap.comMargaret Chase

Back Bay Communications

617-391-0790 ext. 123

Margaret.chase@backbaycommunications.com

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS

INDUSTRY KEYWORD: FINANCE SPORTS PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES GENERAL SPORTS

SOURCE: Monroe Capital LLC

Copyright BusinessWire 2022.

PUBLISHED: 05/10/2022 06:00 AM/DISC: 05/10/2022 06:02 AM

http://www.businesswire.com/news/home/20220510005432/en

Copyright BusinessWire 2022.

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Costco Ends Mortgage Program Membership Benefit https://goodweddingdirectory.com/costco-ends-mortgage-program-membership-benefit/ Sat, 07 May 2022 19:59:00 +0000 https://goodweddingdirectory.com/costco-ends-mortgage-program-membership-benefit/ Costco no longer offers a mortgage program to its members. According to the wholesaler, the changes went into effect on Sunday, May 1. “Members with questions regarding their current mortgage application and loan should contact the lender they worked with,” the company wrote, adding a list of lenders and phone numbers. Costco was affiliated with […]]]>

Costco no longer offers a mortgage program to its members.

According to the wholesaler, the changes went into effect on Sunday, May 1.

“Members with questions regarding their current mortgage application and loan should contact the lender they worked with,” the company wrote, adding a list of lenders and phone numbers.

Costco was affiliated with eight lenders, including Box Home Loans, CrossCountry Mortgage, Lending.com, Mutual of Omaha Mortgage, NASB, NBKC Bank, Real Genius and Strong Home Mortgage.

A request for comment from Costco was not immediately returned.

Costco was not a lender and did not play a direct role in the mortgage process, according to Eat This, Not That!, but offered a cap on lender fees related to the loan transaction.

Another big box store, Walmart, reached an agreement with Lenders One Cooperative in March.

Lenders One rents space in Walmart stores to sell mortgage products and services.

“Members can benefit from operating ‘store-to-store’ branches, providing customers with mortgage solutions including purchase, refinance and home equity lines. We now have three locations under lease with many more opportunities to come,” Lenders One wrote in a statement.

“I couldn’t be happier with the direction the co-op is taking,” Justin Demola, president of Lenders One, said in a statement. “I’m proud of the work the team has done to bring L1 Credit, LOLA and the Walmart opportunity to the finish line; we are already seeing the tremendous value these solutions create for our members.

“Our mission is to help members improve their profitability and better compete with larger, well-funded mortgage lenders, and I’m excited to release new, innovative solutions to accomplish that mission,” he added.

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Greystone continues to be the leading commercial lender for First https://goodweddingdirectory.com/greystone-continues-to-be-the-leading-commercial-lender-for-first/ Mon, 02 May 2022 14:43:19 +0000 https://goodweddingdirectory.com/greystone-continues-to-be-the-leading-commercial-lender-for-first/ NEW YORK, May 02, 2022 (GLOBE NEWSWIRE) — Greystone, one of the nation’s leading commercial real estate finance companies, announced that it ranks #1 based on dollar volume of commercial real estate commitments. multifamily and health care business issued by the U.S. Department of Housing and Urban Development (HUD) for the first half of the […]]]>

NEW YORK, May 02, 2022 (GLOBE NEWSWIRE) — Greystone, one of the nation’s leading commercial real estate finance companies, announced that it ranks #1 based on dollar volume of commercial real estate commitments. multifamily and health care business issued by the U.S. Department of Housing and Urban Development (HUD) for the first half of the agency’s 2022 fiscal year, October 1, 2021 through March 31, 2022. During this period, Greystone originated and secured firm commitments for 89 HUD-insured loans totaling $1.7 billion, representing an overall increase of 13.2% in market share – the largest of any commercial lender – for multi-family and healthcare insured by HUD.

Greystone also ranked first based on dollar volume of firm commitments issued under HUD’s MAP program with an original volume of $1.4 billion for 66 multi-family properties, as well as the program HUD’s LEAN, totaling $345 million in original volume for 23 healthcare properties, which include skilled nursing and assisted living facilities.

“While the post-pandemic recovery continues slowly for healthcare and multi-family homeowners, we are now navigating a rising rate environment, adding further complexity to the financing landscape,” said Nikhil Kanodia, Group Head. FHA loan from Greystone. “That said, a HUD-insured loan remains the lowest-rate, longest-term financing solution that has many benefits for real estate investors. As the premier provider of this financing for many consecutive years, Greystone is equipped to help homeowners achieve this end result for long-term success, whether directly to HUD or through our seamless bridge loan solution.

About Greystone
Greystone is a leading national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

*Based on combined arrangements for HUD’s fiscal year 2021 by Greystone Servicing Company LLC and Greystone Funding Company LLC.

PRESS CONTACT:
Karen Marotta
gray stone
212-896-9149
Karen.Marotta@greyco.com

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10 ways to prepare for a big purchase https://goodweddingdirectory.com/10-ways-to-prepare-for-a-big-purchase/ Sat, 30 Apr 2022 14:00:26 +0000 https://goodweddingdirectory.com/10-ways-to-prepare-for-a-big-purchase/ One of the hardest parts of a major purchase is the mental hurdle you have to overcome. You’re parting with a lot of your hard-earned money, you’re taking a risk on a major investment, and you might get cold feet. Finalizing a major financial transaction can be stressful and anxiety-provoking for even the most experienced […]]]>

One of the hardest parts of a major purchase is the mental hurdle you have to overcome. You’re parting with a lot of your hard-earned money, you’re taking a risk on a major investment, and you might get cold feet. Finalizing a major financial transaction can be stressful and anxiety-provoking for even the most experienced buyer. How can you overcome these obstacles? Here are 10 ways to prepare for a big purchase.


Due – Due

Assess your financial situation

Before you even consider buying, you need to make an honest assessment of your financial situation. Can you afford the purchase with your current income, debts and other expenses? You need to know how much money your household earns in a month and how much you spend during the same period. make sure account for all taxes when calculating this number.

Once you have a good understanding of your finances, you can figure out how much money you need to save (more on that later). A thorough assessment might also reveal that you need to improve your credit score, which ties into the next tip.

Build your credit score

A high credit score/FICO score will help you get lower interest rates on loans, which are often essential for major purchases. You can build a better credit score by applying these basic principles:

  • Pay your bills and debts on time.
  • Reduce your credit card balances.
  • Stick to a line of credit.
  • Review your credit reports for potential improvements.

These habits tell lenders, associates and suppliers that you are managing your money responsibly. They can trust you to keep your end of the bargain, which increases the likelihood of a successful transaction.

Get a loan

With a stable financial situation and a high credit rating, you can get a fair loan with a low interest rate. However, your search cannot take too long. Make several loan applications in a short time can lower your credit score and unravel your hard work. Limit your search to a small group of lenders and compare their loan products.

make sure include all purchase costs when applying for a loan. Demonstrate that you fully understand the scope of the purchase in order to get the best deal possible. Also, if you need a pre-approval letter for your purchase, the lender can provide you with one.

Explore loan options

Once you’ve chosen a lender, discuss the different loan options and decide which one best suits your needs. Options vary depending on the product you want to purchase, but here are the most common plans for large purchases:

  • Conventional: The best choice for borrowers with good credit ratings.
  • Giant: Ideal for borrowers with high credit ratings looking to purchase an expensive vehicle or home.
  • Fixed rate: The monthly payment remains the same.
  • Adjustable price: The monthly payment may change, but is only recommended for people who do not plan to own the home/vehicle for an extended period of time.
  • Government insured: Ideal for borrowers with low credit scores and insufficient funds for a down payment.

If you manage to get pre-approved, you’ll know the maximum amount you can borrow and factor that into your future plans.

Research the product market

When you are gathering your finances and preparing to take out a loan, you should also research the market for the product you are considering buying. That big purchase you’re considering is likely a home or a vehicle, so pay attention to the relevant factors in each market. You might learn something that changes your plans.

For example, fixed housing market mortgage rates reached its highest average since the 1990s. The automotive industry is in the face of global supply shortages for essential parts, which caused production and sales figures to plummet. This information can make or break your purchase, so you need to stay informed.

Research also helps you find the most cost effective option available. Some people prefer homes and vehicles with large down payments and lower monthly rates, while others prefer the opposite. You might find an unexpected sale or a unique feature that goes unnoticed. Don’t make your purchase without researching all options and considering all possibilities.

Start saving early

If you’ve made it this far, you have the information you need to set up a buying schedule. However, even if you have plenty of time, it’s wise to start saving as early as possible. You want to have room to adjust the timeline if an unexpected obstacle arises. In the meantime, apply these proven ways to save money:

  • Set aside a percentage of each salary.
  • Link an automatic transfer/deposit to your savings account.
  • Set up direct deposit with your employer.
  • Apply the 50/30/20 rule (50% necessities, 30% lifestyle, 20% savings).
  • Start a pot of change.

You can also multiply your savings and speed up the process by developing multiple sources of income. Here are some ideas:

  • Investing in stocks and cryptocurrency
  • Sell ​​items online
  • Drive for Uber, Lyft, Doordash, etc.
  • Rent additional rooms.
  • Have a garage sale.
  • Do chores for neighbors (babysitting, dog walking, landscaping, etc.).
  • Become a certified teacher/trainer in an industry that interests you.

Of course, the best thing you can do to save money is to avoid unnecessary expenses. You’ll sleep easier knowing you’ve done everything in your power to prepare for the big purchase. Be responsible with your money today so you can spend it tomorrow on your dream home or vehicle.

Calculate opportunity cost

Every purchase has an opportunity cost. Some elements of opportunity cost are obvious. For example, spending a lot of money on a new house means you can’t spend it on other worthwhile investments, like your child’s college savings.

Other opportunity costs are a bit more subtle. the non-financial implications of a major purchase could be more expensive than you imagined. You may need to change your daily schedule and purchase new products to account for the purchase. It could also have significant long-term consequences.

Buying a home or vehicle when you’re not ready can strain your family’s relationships, impact your retirement plans, and alter your lifestyle for the worse. You must understand and appreciate all the effects of your large purchase, financial or otherwise.

Set a meeting date

Timing is everything when it comes to home and vehicle acquisitions, so you need to prepare everything for when the time is right. All of your prior preparation comes into play at this pivotal moment. You have enough savings to pay the down payment. You know the current state of the market and the best time to buy. You know all the sales, discounts and promotions you can benefit from. Putting this knowledge into set the ideal date to meet the seller.

If you start to get nervous at this point, that’s normal. You’ve worked hard to put yourself in a position to buy something valuable, and there’s no shame in feeling anxious as the day approaches. You may feel more comfortable having a trusted agent or advisor by your side. They will help you plan the logistics of the purchase and ensure that you get a fair price.

Negotiate the price

Although everyday purchases have no room for discussion, you could get a discount on the purchase of a house or a vehicle through smart negotiation. First, assess the seller’s personality. If they seem friendly and sociable, you might be able to sway them in your favor. On the other hand, the stubborn and silent type will probably not appreciate your attempts to change the bottom line.

Treat the situation like a formal business interaction, keep your emotions in check, and apply the knowledge you’ve learned in the weeks leading up to this moment. Here are some other tactics that will help:

  • Ask for an inspection.
  • Communicate through your agent/advisor, if applicable.
  • Control the pace of negotiations.
  • Reference price comparisons of similar products.
  • Take advantage of the seller’s eagerness.

If you and the seller cannot agree on the price, don’t be afraid to walk away and pursue other options. As we mentioned earlier, making a big purchase beyond your reach can have unexpected financial and emotional consequences. Don’t overspend if you can avoid it.

Consider making a deposit

If you’re considering buying a home, you need to pay a large down payment before buying to show that you’re a serious buyer. The deposit isn’t always refundable, but it’s a good way to secure your spot as the top buyer candidate. Down payments for homes are usually 1-2% of the total purchase price.

Deposits for vehicles depend on the dealership, so you must avoid them until you are 100% sure on the purchase and you have documented the final price. Go to the dealership armed with your financing so the dealership can’t force you into making a premature deposit. You control the outcome, not the seller.

Trust your preparations

You’ve made a lot of financial and mental preparations to allow your family to make a major purchase. Believe in these preparations. Trust that your savings and investments will pay off. Trust that you have done all the research to find the best product at a fair price. Enter the negotiations with the certainty that you have done everything necessary for a successful purchase, and soon you will walk away with a product that will change your life!

The post 10 ways to prepare for a big purchase appeared first on Due.

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Fairbridge Asset Management Announces Up to $100 Million Loan Agreement with Oaktree https://goodweddingdirectory.com/fairbridge-asset-management-announces-up-to-100-million-loan-agreement-with-oaktree/ Thu, 28 Apr 2022 14:42:00 +0000 https://goodweddingdirectory.com/fairbridge-asset-management-announces-up-to-100-million-loan-agreement-with-oaktree/ NEW YORK, NEW YORK, USA, April 28, 2022 /EINPresswire.com/ — Fairbridge Asset Management announces a loan agreement of up to $100 million with Oaktree. The investment strengthens Fairbridge’s position as a leader in bridge financing. Fairbridge Asset Management LLC (“Fairbridge” or the “Company”), a private direct portfolio lender focused on originating, investing and servicing commercial […]]]>

NEW YORK, NEW YORK, USA, April 28, 2022 /EINPresswire.com/ — Fairbridge Asset Management announces a loan agreement of up to $100 million with Oaktree.

The investment strengthens Fairbridge’s position as a leader in bridge financing.

Fairbridge Asset Management LLC (“Fairbridge” or the “Company”), a private direct portfolio lender focused on originating, investing and servicing commercial real estate loans in major markets in the United States, today announced entered into a $50 million loan agreement with an option for two additional $25 million tranches with funds managed by Oaktree Capital Management, LP (“Oaktree”), a leading global investment firm. Oaktree will also receive warrants to purchase a minority stake in Fairbridge. The Company expects the proceeds from the financing to support the expansion of Fairbridge’s bridge lending platform.

Fairbridge provides fast, flexible and creative bridge financing solutions to real estate professionals looking to capitalize on opportunistic real estate transactions. The Company’s institutional platform can offer mortgages with a principal value of up to $50 million, with a particular focus on borrowers looking for $10 million or less. Fairbridge’s management team believes that the inefficiency and fragmentation of this market segment allows for better returns and better structuring opportunities.

Brian Walter, co-founder and managing partner of Fairbridge, said: “The bridging loan market is complicated and disjointed. We help borrowers by providing integrated and creative solutions that unlock value across the entire capital structure. This investment from Oaktree will support our pursuit of a larger share of the fast-growing bridge loan market.

John Lettera, co-founder and partner of Fairbridge, added: “Oaktree is an experienced investor with significant resources and expertise in providing creative financing solutions. This commitment will allow us to continue executing our strong pipeline of deals and organic growth initiatives. We are very pleased to welcome Oaktree as a financial partner to accelerate our next stage of growth.

Raghav Khanna, Managing Director and Co-Portfolio Manager, and Matthew Stewart, Senior Vice President of Oaktree, said in a joint statement: “We are delighted to partner with Fairbridge as part of its growth strategy of providing innovative bridging loan solutions to commercial businesses, real estate borrowers.Fairbridge has a strong and experienced management team and an intriguing history.We believe the company is well positioned to be a leader in this rapidly growing segment of the market. real estate. “

Hunton Andrews Kurth LLP served as legal counsel to Fairbridge. Paul Hastings LLP served as legal counsel to Oaktree.

About Fairbridge Asset Management

Fairbridge is a vertically integrated real estate private equity firm specializing in real estate lending strategies. Fairbridge seeks leveraged investments by originating senior secured loans, mezzanine loans and preferred equity investments for the construction, acquisition and refinancing of commercial real estate, and by acquiring non-performing loans and investments in preferred shares. Fairbridge is a portfolio lender and manages several investment vehicles. For more information, please visit Fairbridge’s website at http://www.fairbridgellc.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $158 billion in assets under management as of September 30, 2021. The firm emphasizes an opportunistic, value-driven, risk-controlled approach for investments in credit, private equity, real estate assets and listed shares. The company has more than 1,000 employees and offices in 19 cities around the world. For more information, please visit Oaktree’s website at http://www.oaktreecapital.com.

Steve Wissack
Fairbridge Asset Management
+1 914-588-9063
write to us here

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Live updates: Heathrow airport predicts another year of losses https://goodweddingdirectory.com/live-updates-heathrow-airport-predicts-another-year-of-losses/ Tue, 26 Apr 2022 07:16:39 +0000 https://goodweddingdirectory.com/live-updates-heathrow-airport-predicts-another-year-of-losses/ UBS beat analysts’ forecasts with a 19% rise in quarterly profit, thanks to the strong performance of its trading division. The world’s largest wealth manager reported first-quarter net profit of $2.7 billion on Tuesday, well ahead of the $2.4 billion forecast by analysts. Profits at the Swiss lender’s investment bank more than doubled from the […]]]>

UBS beat analysts’ forecasts with a 19% rise in quarterly profit, thanks to the strong performance of its trading division.

The world’s largest wealth manager reported first-quarter net profit of $2.7 billion on Tuesday, well ahead of the $2.4 billion forecast by analysts.

Profits at the Swiss lender’s investment bank more than doubled from the first quarter of last year, when it lost $774 million following the collapse of family office Archegos.

The bank benefited in the first quarter of 2022 from a 59% increase in revenue from its trading division thanks to strong performances in equity derivatives, interest rates and foreign exchange.

But UBS’s wealth management business was hit by a 7% drop in revenue compared to the same period last year, with the group saying transaction-based revenue fell 19%, customers, especially in Asia, transacting less.

“The first quarter was dominated by extraordinary geopolitical and macroeconomic events,” said Ralph Hamers, chief executive. “Against this backdrop, we remained focused on executing our strategic plans, serving our customers and managing risk.”

Citigroup analysts expected UBS to be the best-performing European investment bank this season, with the lender enjoying higher earnings in its global markets division, which focuses on equities and currencies.

In the days following Russia’s invasion of Ukraine, UBS disclosed that it had $10 million in outstanding loans from clients hit by Western sanctions. It also said it has about $200 million in exposure to Russian assets used as collateral in Lombard loans and $634 million in direct country risk exposure.

UBS announced on Tuesday that it has reduced its direct risk exposure with Russia by a third, to around $400 million.

He added that EU and Swiss rules prohibiting accepting deposits of more than 100,000 euros from Russians not allowed to live in the European Economic Area affected 0.7% of his assets. wealth management division.

The lender’s share price has been stable this year after recovering from a 28% plunge at the start of the war in Ukraine.

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Millions of homebuyers have warned of risky loans that could mean you’ll never own a home https://goodweddingdirectory.com/millions-of-homebuyers-have-warned-of-risky-loans-that-could-mean-youll-never-own-a-home/ Fri, 22 Apr 2022 18:48:00 +0000 https://goodweddingdirectory.com/millions-of-homebuyers-have-warned-of-risky-loans-that-could-mean-youll-never-own-a-home/ PURCHASING a home is one of the biggest purchases you can make. Saving money during the process is ideal and avoiding a risky loan will help. 1 Risky lending options will most likely lead to foreclosures and low property values Most Americans typically use a mortgage, a loan, or an agreement between a buyer and […]]]>

PURCHASING a home is one of the biggest purchases you can make.

Saving money during the process is ideal and avoiding a risky loan will help.

1

Risky lending options will most likely lead to foreclosures and low property values

Most Americans typically use a mortgage, a loan, or an agreement between a buyer and a lender, to purchase a home.

However, a report by The Pew Charitable Trusts found that around one in five home borrowers have used alternative financing at least once.

That’s about 36 million Americans turning to risky financing options.

The report also showed that one in 15 home borrowers are currently using these dangerous financing options, or about seven million American adults.

Mortgage expert reveals three ways to lower closing costs when buying a home
Mortgage stimulus for homeowners in every state worth up to $80,000 explained

Tara Roche, property finance project manager for the Pew Charitable Trusts, told The Sun that these types of finance are becoming dangerously attractive.

People are using riskier options because lenders are struggling to issue small mortgages profitably and it’s hitting some communities harder.

Economists from the National Association of Homebuilders (NAHB) report in early 2022 that 81% of homebuyers could not afford half of the homes for sale in their markets.

Although housing affordability continues to rise, experts are urging potential buyers that these risky lending options will most likely lead to foreclosures and low property values.

The dangers of alternative financing

In order to understand the danger of alternative financing, it must first be defined.

Financing refers to the loans buyers need to obtain to purchase a home.

These alternative loans are for those who do not meet the typical requirements of traditional mortgages.

The terms are different from conventional fixed rate mortgages and normally come with much higher interest rates, unfavorable contract terms and a higher risk of losing the equity in the property.

Alternative financing arrangements also lack the protections offered by traditional mortgages.

Tara cautions that those considering these types of loans should consider the benefits and protections a federally regulated mortgage can provide.

Tara Roche told The Sun: “During the pandemic, there were protections offered to tenants. For example, the moratorium on evictions and help offered to landlords and help with mortgages.

“They were able to suspend their payments and in some cases were able to receive financial assistance, but for alternative financing borrowers, many of them were not eligible for these protections.”

These types of protections are offered specifically to mortgage borrowers and renters that others cannot obtain, simply because they do not have this deed with their name on it.

Alternative financing acceptable

There are three safer options for those looking for loans elsewhere:

  • Personal home loans
  • Lease-purchase agreements
  • Seller-Funded Mortgages

Personal home loans

Personal home loans are a much better option if you are looking for non-traditional loans.

These loans are a better option as they tend to be more regulated.

The Home Mortgage Disclosure Act requires lenders making these loans to report details of each loan application to the Consumer Financial Protection Bureau (CFPB).

These loans tend to have much higher interest rates.

Personal home loans have similar features to more traditional mortgages.

Lease-purchase agreements

This is usually a lease-purchase agreement between the tenants and the landlord or seller.

Such deals are generally more favorable to first-time buyers who are looking to save money for a down payment and need more time to establish credit.

According to Rocket Mortgage, these agreements can be the most legally binding, so make sure both parties are happy with the contract.

Typically, the tenant will have to pay an option fee giving them the exclusive right to purchase the property based on an agreed price.

Tenants must include a clause stipulating that part of the rent is allocated to the deposit.

They also need to make sure they can get a mortgage at the end of their lease or else they can lose the option to buy.

Seller-Funded Mortgages

Seller financing is an arrangement in which the seller handles the mortgage process instead of a bank or other financial institution.

This means that the buyer will sign a mortgage with the seller.

These are primarily for buyers who cannot find a traditional loan due to bad credit or other financial issues.

These usually come with little to no closing costs and may not require an appraisal.

Sellers can also be more flexible on the down payment amount.

The seller financing process is usually much faster and can even be settled within a week.

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