Texas Lenders – Left Is Right http://left-is-right.com/ Tue, 18 May 2021 12:16:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://left-is-right.com/wp-content/uploads/2021/05/default.png Texas Lenders – Left Is Right http://left-is-right.com/ 32 32 Canyon Partners closes $ 650 million debt fund https://left-is-right.com/canyon-partners-closes-650-million-debt-fund/ https://left-is-right.com/canyon-partners-closes-650-million-debt-fund/#respond Tue, 18 May 2021 11:03:44 +0000 https://left-is-right.com/canyon-partners-closes-650-million-debt-fund/ Image by Gerd Altmann via Pixabay.com Canyon Partners Real Estate has closed its largest real estate debt vehicle in the United States – Canyon Laurel Fund II – with more than $ 650 million in assets through the fund and associated co-investments. It’s also larger than the previous $ 530 million fund, which also included […]]]>


Image by Gerd Altmann via Pixabay.com

Canyon Partners Real Estate has closed its largest real estate debt vehicle in the United States – Canyon Laurel Fund II – with more than $ 650 million in assets through the fund and associated co-investments.

It’s also larger than the previous $ 530 million fund, which also included related co-investments.


READ ALSO: Fund sponsored by Harbert Management raises $ 521 million


The fund targets investments in senior and subordinated debt securities in major US markets and covers all major types of properties. Canyon has already deployed over 60% of the fund’s capital through a combination of primary origins and secondary market purchases.

Robin Potts, co-director of real estate at Canyon, said in a statement that the pandemic has created an even more compelling environment for real estate debt, with lenders, homeowners and developers facing growing cash needs. As we entered the pandemic, Canyon was positioned to enable it to act quickly and capitalize on growing opportunities, she added.

Robin Potts noted that about 70% of the predecessor fund also invested in the Canyon Laurel Fund II. The fund’s investor base spans the United States, Japan, Korea and Australia and includes institutional investors such as public and corporate pensions, endowments, financial institutions and family offices. .

Canyon’s direct real estate investment arm, which manages a real estate portfolio of more than $ 6 billion in project capitalization, had doubled in size in recent years under the leadership of Potts and Maria Stamolis, co-head of real estate investments.

In November, Canyon acquired a $ 314 million loan portfolio comprising six senior mortgages secured by multi-family properties, student housing, self-service warehouses and senior residences. The senior loans had terms of three to five years at variable rates and had average loan balances of approximately $ 50 million for properties in markets such as California, Colorado, Rhode Island, Tennessee and Texas. At the time, Potts said they were seeing billions of dollars in commercial mortgages hitting the market for sale as lenders repositioned balance sheets and portfolios due to the pandemic.

More funds and investments

Canyon is also active in the field of equities. In early 2020, Canyon announced an additional investment of $ 375 million from CalPERs for its Emerging Manager Program, which Canyon has managed since 2012.

In October 2019, a joint venture between Canyon and AECOM Capital announced the definitive closure of its AECOM-Canyon Partners fund, with more than $ 500 million in capital commitments. The fund targets build-to-core investments in major US markets across a range of property types, including offices and industrials. Among the fund’s largest investments is Ivy Station, a 519,000 square foot mixed-use development in Culver City, California, where HBO has leased all of the 240,000 square feet of office space.



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Golden Nugget Online Gaming, Inc. Reports Financial Results for the First Quarter Ended March 31, 2021 | Texas News https://left-is-right.com/golden-nugget-online-gaming-inc-reports-financial-results-for-the-first-quarter-ended-march-31-2021-texas-news/ https://left-is-right.com/golden-nugget-online-gaming-inc-reports-financial-results-for-the-first-quarter-ended-march-31-2021-texas-news/#respond Tue, 18 May 2021 10:51:58 +0000 https://left-is-right.com/?p=600 HOUSTON, May 17, 2021 /PRNewswire/ — Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) (the “Company”) today reported its financial results for the first quarter ended March 31, 2021. First Quarter Highlights Revenue was $26.7 million, representing an increase of 54.2%, compared to $17.3 million during the first quarter of 2020. Net income was $69.6 million […]]]>


HOUSTON, May 17, 2021 /PRNewswire/ — Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) (the “Company”) today reported its financial results for the first quarter ended March 31, 2021.

First Quarter Highlights

  • Revenue was $26.7 million, representing an increase of 54.2%, compared to $17.3 million during the first quarter of 2020.
  • Net income was $69.6 million after gains on warrant derivatives liabilities of $81.1 million, a gain on the tax receivable agreement liability of $1.3 million and debt extinguishment expenses of $2.2 million.
  • Adjusted EBITDA was $(3.5) million compared to Adjusted EBITDA of $5.9 million for the first quarter of 2020.
  • The previous full-year revenue outlook range of $130 million to $145 million is maintained for 2021.

Revenues for the three months ended March 31, 2021, totaled $26.7 million, as compared to $17.3 million for the three months ended March 31, 2020.  Net income was $69.6 million, compared to net income of $4.2 million in the prior year comparable period.  Adjusted EBITDA, as defined below, for the three months ended March 31, 2021 was $(3.5) million compared to $5.9 million last year.  Results for the first quarter of 2021 reflect non-cash gains on warrant derivative liabilities of $81.1 million and a non-cash gain on our tax receivable agreement liability of $1.3 million.  All of our 10,541,667 public warrants were exercised or redeemed during the quarter.  Additionally, first quarter results also reflect interest expense associated with the term loan credit agreement entered into on April 28, 2020.  The Company’s results also reflect debt extinguishment costs of $2.2 million including the accelerated amortization of deferred loan costs and debt premium totaling $0.6 million associated with the early repayment of $10.6 million of the term loan during the three months ended March 31, 2021.  Stock-based compensation expenses were $2.3 million for the three months ended March 31, 2021, when no such costs were recognized in the prior year. 

President, Thomas Winter remarked “We are very pleased to start 2021 with such strong results across both our established and new expansion markets. We believe we are well positioned to capitalize on the significant and fast growing market for iGaming across North America. We expect that 2021 will be a milestone year for the Company as we are on target to be live in 6 states by the end of the year, including all 4 key iGaming states.”

Chairman and Chief Executive Officer, Tilman Fertitta added “The future is very bright for Golden Nugget Online Gaming as we achieved another record quarter in revenue and with our newly announced partnerships in Colorado and Iowa, we now have market access in 12 states, representing approximately 29% of the US population.”

Business Update

  • Successfully completed our first quarter of operations in Michigan.
  • Secured market access in Colorado with Maverick’s Z Casino for online sports and casino, subject to legislation and regulatory approvals.
  • Secured market access in Iowa with the Wild Rose Casino for online sports and casino, subject to legislation and regulatory approvals.
  • Completed exercise and redemption of all public warrants for cash proceeds of $110.2 million.
  • Started the 1,800 square feet expansion of our live dealer studio in New Jersey
  • Named to the shortlist of nominees in 5 categories for the EGR North America Awards 2021: “Casino Operator”, “Mobile Operator”, “Marketing Campaign”, “Customer Service Operator” and “Operator of the Year”.

Conference Call Details

A conference call for investors will be held Monday, May 17, 2021, at 3:30 p.m. Central Time to discuss the Company’s first quarter results.

To access the conference call, please dial (855) 908-6093 (U.S.) or (639) 716-2098 (International) and reference conference ID 3395274. The conference call will also be webcast live through the Company’s Investor Relations website at https://www.gnoginc.com.

About GNOG

Golden Nugget Online Gaming, Inc. is a leading online gaming company that is considered a market leader by its peers and was first to bring Live Dealer and Live Casino Floor to the United States online gaming market. GNOG was the recipient of 15 eGaming Review North America Awards, including the coveted “Operator of the Year” award in 2017, 2018, 2019 and 2020.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including guidance, our expected results of operations or financial condition, business strategy and plans, user growth and engagement, product initiatives, and objectives of management for future operations, and the impact of COVID-19 on our business and the economy as a whole, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “expectations,” “forecast,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “propose,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

The financial results included in this press release are preliminary, estimated and unaudited. The preliminary financial results included in this press release reflect management’s estimates based solely upon information available to management as of the date of this press release and are subject to change upon the completion of GNOG’s financial closing procedures, final adjustments and other developments, including review by GNOG’s independent registered public accounting firm, that may arise between now and the time the financial results for the first quarter are finalized. During the course of that process, GNOG may identify items that would require it to make adjustments, which may be material, to the information in this press release. As a result, the preliminary unaudited financial information included in this press release is forward-looking information and is subject to risks and uncertainties, including possible material adjustments to the preliminary financial information and the other risks and uncertainties described below under “Forward-Looking Statements.” Accordingly, you should not place undue reliance on these estimates.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including the ongoing COVID-19 pandemic that we believe may affect our business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside GNOG’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.  Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of GNOG’s acquisition transaction; costs related to the acquisition transaction; the inability to maintain the listing of GNOG’s shares on Nasdaq; GNOG’s ability to manage growth; GNOG’s ability to execute its business plan and meet its projections; potential litigation involving GNOG; changes in applicable laws or regulations, particularly with respect to gaming; general economic and market conditions impacting demand for GNOG’s products and services, and in particular economic and market conditions in the media / entertainment / gaming / software industry in the markets in which GNOG’s operates; the potential adverse effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and GNOG’s liquidity, operations and personnel, as well as risks, uncertainties, and other factors described in the section entitled “Risk Factors” in GNOG’s filings with the SEC, which are available on the SEC’s website at www.sec.gov.  Additional information will be made available in other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to the COVID-19 pandemic, except as required by law.

 

Golden Nugget Online Gaming, Inc.

Unaudited

Consolidated Statement of Operations

(In thousands, except per share amounts)

Three Months Ended

March 31,

2021

2020

Revenues

Gaming

$       23,066

$      14,905

Other

3,683

2,438

Total revenue

26,749

17,343

Costs and expenses

Cost of revenue

12,116

6,745

Advertising and promotion

14,371

2,977

General and administrative

6,077

1,696

   Depreciation and amortization

44

34

Total costs and expenses

32,608

11,452

Operating income (loss)

(5,859)

5,891

Other expense (income)

Interest expense, net

5,708

1

Gain on warrant derivatives

(81,091)

Other expense

366

Total other (income) expense

(75,017)

1

Income before income taxes

69,158

5,890

Provision for income taxes

(478)

1,703

Net income

69,636

4,187

Net loss attributable to non-controlling interests

5,707

Net income attributable to GNOG

$       75,343

$        4,187

Earnings (loss) per share:

   Basic

$            1.83

n/a

   Diluted

$          (0.15)

n/a

Weighted-average number of common shares outstanding:

   Basic

41,162

n/a

   Diluted

77,053

n/a

 

Non-GAAP Financial Measures

EBITDA and adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define “EBITDA” as earnings (or loss) before interest, taxes, depreciation, and amortization, and we define “Adjusted EBITDA” as EBITDA before stock-based compensation, acquisition transaction related expenses, debt extinguishment expenses and other non-recurring items. Neither EBITDA nor Adjusted EBITDA is a measure of net income as determined by U.S. generally accepted accounting principles (“GAAP”).

Management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure or non-recurring, non-cash transactions. We exclude the items listed above in calculating EBITDA and Adjusted EBITDA because these amounts can vary substantially from company to company depending upon capital structures and the method by which assets were acquired. None of EBITDA or Adjusted EBITDA should be considered an alternative to, or more meaningful than, net income (loss), the most closely comparable financial measure calculated in accordance with GAAP. Certain items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s return on assets, cost of capital and tax structure. Our presentation EBITDA and Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

Reconciliation of net income to EBITDA and adjusted EBITDA (In thousands):

Three Months Ended

March 31,

2021

2020

Net income

$       69,636

$        4,187

Adjusted for:

   Provision for income taxes

(478)

1,703

   Interest expense, net

5,708

1

   Depreciation and amortization

44

34

EBITDA

$       74,910

$        5,925

Adjusted for:

   Debt extinguishment expenses

1,622

   Gain on tax receivable agreement liability

(1,256)

   Gain on warrant derivatives

(81,091)

   Stock-based compensation

2,290

Adjusted EBITDA

$       (3,525)

$        5,925

 

Adjusted EBITDA is comprised of the following (In thousands):

Three Months Ended

March 31,

2021

2020

State-level adjusted EBITDA

$       (1,393)

$        6,201

Corporate adjusted EBITDA

(2,132)

(276)

Total adjusted EBITDA

$       (3,525)

$        5,925

 

View original content:http://www.prnewswire.com/news-releases/golden-nugget-online-gaming-inc-reports-financial-results-for-the-first-quarter-ended-march-31-2021-301292884.html

SOURCE Golden Nugget Online Gaming, Inc.



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Monroe Capital Opportunistic Private Credit Group, Oak Hill Advisors and Barclays Bank, PLC support vertical bridge and eco-site merger and future development of custom-built towers https://left-is-right.com/monroe-capital-opportunistic-private-credit-group-oak-hill-advisors-and-barclays-bank-plc-support-vertical-bridge-and-eco-site-merger-and-future-development-of-custom-built-towers/ https://left-is-right.com/monroe-capital-opportunistic-private-credit-group-oak-hill-advisors-and-barclays-bank-plc-support-vertical-bridge-and-eco-site-merger-and-future-development-of-custom-built-towers/#respond Tue, 18 May 2021 10:02:16 +0000 https://left-is-right.com/monroe-capital-opportunistic-private-credit-group-oak-hill-advisors-and-barclays-bank-plc-support-vertical-bridge-and-eco-site-merger-and-future-development-of-custom-built-towers/ News and research before you hear about it on CNBC and others. Claim your 1-week free trial for StreetInsider Premium here. CHICAGO & NEW YORK – (BUSINESS WIRE) – Monroe Capital LLC (“Monroe”), Oak Hill Advisors LP (“OHA”) and Barclays Bank, PLC (“Barclays”), acting as administrative agent, announced today the closing of a $ 325.0 […]]]>



News and research before you hear about it on CNBC and others. Claim your 1-week free trial for StreetInsider Premium here.


CHICAGO & NEW YORK – (BUSINESS WIRE) – Monroe Capital LLC (“Monroe”), Oak Hill Advisors LP (“OHA”) and Barclays Bank, PLC (“Barclays”), acting as administrative agent, announced today the closing of a $ 325.0 million credit facility to support the merger of Vertical Bridge REIT, LLC (“Vertical Bridge”) with Eco-Site, LLC (“Eco-Site”) and future development of the combined company at custom-built sites across the country.

Based in Boca Raton, Florida, Vertical Bridge is the largest private owner and operator of communications infrastructure in the country. The Eco-Site merger increases Vertical Bridge’s portfolio of towers owned and leased by the master to more than 20,000 sites and its entire portfolio to more than 307,000 sites located in the 50 states and Puerto Rico. Together, Vertical Bridge and Eco-Site lead the custom construction market with more than 1,700 towers built over the past five years.

“We appreciate the efforts of Monroe, OHA and Barclays to close a complex transaction in an accelerated time frame,” said Mike Romaniw, Chief Financial Officer of Vertical Bridge. “The loan group was able to mobilize quickly with its sectoral and structuring expertise to complete the transaction.”

“We are delighted to partner with Vertical Bridge as the owner and operator of world-class communications towers, and look forward to supporting its continued growth and leading custom build program,” said Ted Koenig, President and CEO from the direction of Monroe.

“We are also pleased to partner with Oak Hill and Barclays as co-lenders on this transaction,” said Kyle Asher, co-director of the opportunistic credit group at Monroe. “While many competitors have been affected by COVID, our opportunistic private lending group has continued to identify and exploit opportunities in niche, specialty areas such as real estate, specialty finance and litigation finance.”

“We are happy to partner with Vertical Bridge and are delighted to grow our relationship with their impressive team,” said Greg Leveto, Portfolio Manager, OHA. “This transaction highlights OHA’s expertise in providing unique and flexible financing solutions in the private credit and real asset markets. We look forward to expanding our relationships with high quality communications infrastructure companies like Vertical Bridge as we continue to take advantage of market developments. ”

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a leading asset management company specializing in the private credit markets through a variety of strategies including direct lending, asset lending, specialty finance, opportunistic lending and structured and actions. 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 and friendly partner for business owners, management, as well as private equity 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 and has offices in Atlanta, Boston, Los Angeles, New York and San Francisco.

Monroe has been recognized by peers and investors with various awards including Private Debt Investor as 2020 Lower Mid Market Lender of the Year, 2020 Lender of the Year and 2020 CLO Manager of the Year, Americas; Creditflux as the best American direct lending fund 2020; Pension Bridge as the private credit strategy of the year 2020; and Global M&A Network as 2020 Lender of the Year in Small Intermediate Markets. For more information, please visit www.monroecap.com.

About Oak Hill Advisors, LP

Oak Hill Advisors, LP (“OHA”) is a leading alternative investment firm with approximately $ 51 billion in capital under management for distressed and performing credit investments. The company’s investing activities are concentrated in North America and Europe. OHA manages multi-strategy and single-strategy credit funds, distressed funds, secured loan bonds and other custom mandates. The firm’s investing activities are guided by a fundamental value-driven philosophy focused on credit analysis, relative value analysis, generation of risk-adjusted return, loss avoidance and active risk management that has been in place for over three decades. The company invests on behalf of a diverse and global group of investors. OHA employs over 300 people worldwide and is headquartered in New York City, with main offices in London, England; Fort Worth, Texas; San Francisco, California; Sydney, Australia; Hong Kong and Luxembourg. For more information on OHA, please visit www.oakhilladvisors.com.

About Vertical Bridge REIT, LLC

Vertical Bridge REIT, LLC is the largest privately held owner and operator of communications infrastructure and locations in the United States, with a portfolio of more than 307,000 sites, including more than 20,000 towers owned and leased by the master and the largest and highest collection of broadcast towers in the country. sites. The company’s portfolio spans all 50 states and Puerto Rico and includes towers, rooftops, display panels, utility accessories, convenience stores and other locations in support of wireless network deployments. thread. In addition to colocation, Vertical Bridge offers edge data centers and bespoke wireless networking solutions.

Headquartered in Boca Raton, Florida, Vertical Bridge was founded in 2014 and is led by a management team with over 300 years of collective experience in tower infrastructure and related industries. Vertical Bridge is CarbonNeutral® certified and in 2020 became the first tower company in the world to achieve net zero emissions. For more information, please visit www.verticalbridge.com

For more information please contact:

Theodore L. Koenig

Monroe Capital LLC

312-523-2360

tkoenig@monroecap.com

Caroline collins

BackBay Communications

617-963-0065

caroline.collins@backbaycommunications.com

Natalie Harvard

Oak Hill Advisors, LP

212-326-1505

nharvard@oakhilladvisors.com

For the vertical bridge:

Kerri Donner

Stanton

203-272-2960

kdonner@stantonprm.com

Source: Monroe Capital LLC



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Investors are putting millions into a fancy student dormitory. They say they were scammed. https://left-is-right.com/investors-are-putting-millions-into-a-fancy-student-dormitory-they-say-they-were-scammed/ https://left-is-right.com/investors-are-putting-millions-into-a-fancy-student-dormitory-they-say-they-were-scammed/#respond Tue, 18 May 2021 09:00:14 +0000 https://left-is-right.com/investors-are-putting-millions-into-a-fancy-student-dormitory-they-say-they-were-scammed/ Ms Martinez, who lives not far from the dorm, said she invested just over $ 100,000 in the transaction – money from the sale of a rental property. Like many investors in Skyloft, she was looking for a way to defer payment of capital gains on the previous sale, and the private placement was marketed […]]]>


Ms Martinez, who lives not far from the dorm, said she invested just over $ 100,000 in the transaction – money from the sale of a rental property. Like many investors in Skyloft, she was looking for a way to defer payment of capital gains on the previous sale, and the private placement was marketed by brokers as a “1031 swap” transaction that would keep Internal Revenue on board. Remote service.

A 1031 swap transaction, named after a section of the Federal Tax Code, allows an investor to defer payment of capital gains on the sale of a property as long as the proceeds are invested in another valuable property. equal to or greater than that sold. These deals are often criticized as a tax break for the wealthy, but the deals have also long attracted the interest of more moderate investors.

The Biden administration plans to scrap many of these agreements in order to generate additional revenue to pay for increased spending on child care and family leave programs. The Biden plan would allow 1031 exchanges to continue for most investors looking to defer up to $ 500,000 in capital gains – many in the Skyloft deal fit this bill.

In recent years, student housing projects like Skyloft have become particularly attractive real estate investments – especially as universities have encouraged the construction of luxury apartment buildings to accommodate students from wealthy families. Before the pandemic, there were an average of $ 7 billion in student housing deals in the United States each year. That amount was $ 3 billion just a decade ago, according to CBRE, a commercial real estate services company.

Court documents and interviews with investors explain how funding for the Skyloft project worked. To secure the $ 124 million Skyloft purchase, Nelson Partners secured a $ 66 million mortgage from a group of lenders led by UBS, in addition to the $ 75 million raised from ordinary investors. He also secured $ 35 million in short-term funding from Axonic Capital, a New York-based hedge fund specializing in commercial real estate transactions. The Axonic loan was used to finalize the purchase while Nelson Partners raised funds from investors.

Nelson Partners was to repay Axonic the bridging loan, plus interest, using money raised from investors like Ms. Martinez. But Mr Nelson’s company did not repay the loan, according to documents filed by the court. In February 2020, Axonic warned Nelson Partners and informed him last May that it was declaring Nelson Partners in default and taking control of the building.

Mr Nelson opposed Axonic’s move but did not tell investors about his dealings with the hedge fund, the lawsuits said. Instead, in April 2020, Nelson Partners stopped paying monthly cash dividends to investors, telling them he had to keep money during the pandemic in case students and their parents stop paying rent. . Mr. Nelson’s company also received a loan of just over $ 1.2 million from the Small Business Administration’s Paycheck Protection Program.



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Corresp., Construction, Sales Jobs; Non-owner, POS Products; Customer Service Tips https://left-is-right.com/corresp-construction-sales-jobs-non-owner-pos-products-customer-service-tips/ https://left-is-right.com/corresp-construction-sales-jobs-non-owner-pos-products-customer-service-tips/#respond Tue, 18 May 2021 07:08:56 +0000 https://left-is-right.com/?p=462 Corresp., Construction, Sales Jobs; Non-owner, POS Products; Customer Service Tips Here is a dab of trivia to start the week. There are only about 2,000 heart transplants every year in the United States. So, on average, that’s only about 2-3 per state per month. Help others and be an organ donor! Speaking of helping, people […]]]>


Corresp., Construction, Sales Jobs; Non-owner, POS Products; Customer Service Tips

Here is a dab of trivia to start the week. There are only about 2,000 heart transplants every year in the United States. So, on average, that’s only about 2-3 per state per month. Help others and be an organ donor! Speaking of helping, people looking for a new job, or forced out of an old one, can post their resumes for free at Lender News. And employers can view them! Tools like that are useful when one sees headlines like, “U.S. banks could cut 200,000 jobs over post their resumes for free at Lender News. And employers can view them! Tools like that are useful when one sees headlines like, “U.S. banks could cut 200,000 jobs over the next decade” through efficiency, attrition, and robots/technology. Speaking of which, if your child had heart problems, would you want them to be injected with a chip that monitored beats? Of course. How about being injected with a chip that had their credit card information so later in life all they had to do is wave their hand over a sensor to buy a couch, and some device would update it over the airwaves every day? The situation is definitely a two-edged sword for anyone who values their privacy. But it seems like we’re there. Today’s audio version of the commentary is available here; this week’s is sponsored by loanDepot Wholesale, providing a fast, integrated, and seamless technology-based lending experience for business partners and their customers.

Broker and Lender Services and Products

The year was 1987 when PowerPoint 1.0 shipped with its now legendary template presentation in which Christopher Columbus pitches his 1492 expedition to Queen Isabella. In more legendary presentation news, here are two upcoming opportunities to see how SimpleNexus can turbocharge ROI at your organization: (1) Credit unions looking to improve member satisfaction and efficiency through mortgage services should tune into a joint SimpleNexus/ACUMA webinar on May 19 at 2 pm ET. (2) And lenders looking for a best-in-class RON offering should register for SimpleNexus’ MBA hosted demo on May 27 at 2 pm ET.

As we shift to a purchase market, lenders will face new challenges. But challenges also open up opportunities to create a better customer experience and increase borrower loyalty by partnering with a skillful 3rd party. A 2020 study revealed the top reason businesses outsource is cost reduction (70%) and flexibility (40%), but lenders are often reluctant to trust their processes and customer experience to a third party. Computershare Loan Services (CLS) delivers complete end-to-end fulfillment services that help manage overhead with highly trained processors, underwriters, and closers. “Our outsourcing solution integrates on to a client’s system, or we can bring a client onto ours,” says Elizabeth Baumeister, Head of Originations. “From a technology perspective, we can connect to just about any situation, which speaks to our global security framework. The solutions we develop are client-based, not just a one-size-fits-all solution.” Partner with CLS to take your mortgage fulfillment to the next level.

Today’s mortgage market creates an even greater need for competitive pricing. Are you prepared? Nomis Solutions has responded with the launch of Nomis Mortgage, the industry’s only source of non-anonymized, broad market data and analytics that help lenders achieve customer- and borrower-centric pricing via granular, intra-daily tracking and end-to-end competitive pricing tools. This real-time, actionable intelligence platform enables lenders to: (1) benchmark against specific competitors and price with data-based certainty; (2) quickly identify and act upon lucrative opportunities; and (3) optimize operational strategies to maximize profitability. Are you ready to level the competitive landscape? Contact Nomis Solutions to learn more.

“On average, 10-15% of an originator’s prospect list is someone interested in a (non-owner-occupied) real estate investment property. That’s especially true in today’s hot market. If you’re ready to fill your post-refi-boom pipeline with real estate investors, CIVIC Financial Services now offers Brokers and Correspondent partners the best rates and highest leverage in our history. This means you can serve more of your clients’ financing needs! Check this out: Non-Recourse Loans, No minimum FICO, No DTI, No TRID, Up to 80% LTV, Up to 80% Cash Out Refi, 100% Rehab financing, Foreign Nationals/Foreign Investors welcome and best of all: Close in 7-10 days! CIVIC is one of the leading private lenders in the nation. We are excited to extend largescale Wholesale and Correspondent partnerships. To learn more about building your real estate investor channel, please contact: Wholesale: ben@civicfs.com, and Correspondent: whit@civicfs.com.” 

First-time buyers currently represent nearly a third of the homeownership market. As the market is evolving, so are borrower expectations, necessitating a fresh look at consumer engagement and the resources that are available to help meet current needs. Mortgage servicers, striving to embrace new and changing borrower profiles, can learn how to leverage the information on the Consumer Financial Protection Bureau (CFPB) website into borrower and servicer educational materials. At HomeBinder, we believe retaining client relationships is best realized by putting the homeowner in the driver’s seat. Click here to learn how you can leverage the CFPB to retain homebuyers and adopt our proven “Client For Life” methodology. HomeBinder is a home management platform offered solely through business partners serving residential homeowners, enabling them to deliver long term value to clients, remain top of mind, and generate referrals. Learn more about HomeBinder.

Check out PerfectLO’s new platform and you will see why they are the leader in the POS market. Their intuitive questionnaire is user friendly and unintimidating. It digs in and asks all the questions that are required to truly figure out your borrower. A custom checklist is created for them based off their answers and an easy-to-use upload portal is provided. The document center allows for processors to communicate with the borrower through the portal and it can also send out ongoing reminders for missing documents or unacceptable ones. PerfectLO can also handle all your different loan products from IRRL’s, Fix n Flip, non-QM loans and more. PerfectLO’s Bankers Edition includes Residential, Commercial, HELOC’s, PPP, Consumer Loans and Student Loans. They use all of your colors and logos throughout the screens. Sign up for a demo by clicking here. Onboarding is fast, simple, and free.

Customer Service

First impressions are lasting, and what you do at the very beginning of the loan process often informs referrals — or lack thereof — at the end. Start things off right by providing a clear (and preferably complete) initial checklist of items your borrower will need to provide. According to data from STRATMOR Group, giving borrowers such a checklist results in a very high Net Promoter Score (NPS) of 82. Missing this crucial first step causes confusion and frustration, and NPS plummets to -27. In his May Customer Experience Tip, Mike Seminari offers three steps lenders can take to make sure that an initial checklist gets to the borrower and that a positive first impression produces repeat and referral business.

Events and Training

Non-QM loans are back at JMAC Lending. JMAC is now offering DSCR loans for your experienced and first-time investors, and register today for the Venice DSCR Investor Non-QM webinar tomorrow, May 18, at 10AM PT.

At Forward, Blend’s virtual event from May 18-20, you can learn from industry leaders, Blend executives, and ecosystem partners as we discuss how we can move into the digital future of lending together.

Land Gorilla is hosting a live webinar, “Diversify Your Mortgage Offerings with USDA Construction-to-Permanent Loans”, on Wednesday, May 19th at 2pm ET.

QC Now Webinar: Insights into Mortgage QC Trends: Will History Repeat Itself. Join ACES EVP Nick Volpe and President, Phill McCall on Wednesday, May 19, as they dive into lessons learned from these 2020 findings and turn to where QC is headed in 2021.

XINNIX is hosting an exclusive executive event on Thursday, May 20 at 2 PM ET, “GRIT: Leading Through the Unimaginable.” Hosted by XINNIX Founder & CEO, Casey Cunningham, the event will feature special guest speaker, Paul J. Voss, PhD, on the powerful combination of grit, leadership and core competencies that will help their organizations thrive thru events that are unimaginable.

MIAC’s live complimentary webinar is on Thursday, May 20 at 2:00 PM EST to discuss the GSE Cash Cap: Preparing to Move from Cash to Guarantor. In this webinar, you will learn how to prepare for a guarantor relationship with Freddie Mac, differences between UMBS and cash from a funding perspective, and how MIAC is helping clients through this transition. This joint webinar will outline how MIAC and Freddie Mac are partnering to support the exchange of mortgages for securities, the optimization of liquidity and profitability, and the management of securitization risks.

Join Hogan Lovells and CAPCO’s webinar on Thursday, May 20th for a panel discussion on the LIBOR SOFR transition and how mortgage companies can manage the process. Speakers will discuss transition planning, strategic and legal impacts, operational considerations, mortgage industry response, LIBOR interpretations and risks, tax guidance, open issues, and more.

Equilibrium Solutions will be sponsoring this Friday’s edition of The Mortgage Collaborative’s Rundown with Rich and Rob. Paul Campbell will be leading the discussion with Rich Swerbinsky, the COO of The Mortgage Collaborative, and me in covering current events in the mortgage market for 30 minutes starting at 3PM ET: “The Rundown with Rob and Rich.”

Join Reggora for a live webinar on Tuesday, May 25 at 1pm ET entitled Efficient Appraisal Ordering: Leveraging Automation for Increased Control. You’ll learn what you can automate, the benefits of customization, and how easy it is to automate with Reggora.

The New England Mortgage Expo returns June 10 & 11 to the Mohegan Sun Resort & Casino. Register to Join your peers for an exciting day of networking, product showcases, educational sessions, motivational speakers, and so much more. Use Code OCNFREE* for complimentary registration.

Register today for the MISMO Sprint Summit, taking place online June 7-10 and featuring an exciting slate of “Going Digital” sessions and speakers. MISMO is creating solutions to help address some of industry’s biggest challenges and this event is crucial for anyone who wants to be part of the industry’s digital future. Agenda is here and registration link is here. Monday’s kickoff session is a discussion with FDIC Chief Innovation Officer Sultan Meghji and MISMO President Seth Appleton about innovation in a digital world.

The Mortgage Bankers Association of Florida’s Secondary and Convention is from June 22-24 in Orlando.

Registration is now open for the Lender One Summit 2021, August 8-11 at the Omni Orlando Resort at Champions Gate. Access early bird rates when you reserve your spot by June 18th.

Monday, August 9th includes keynote speaker Frank Abagnale, renowned cybersecurity and fraud prevention expert, bestselling Author, and subject of “Catch Me If You Can”.

The California MBA holds the fabled Western Secondary in person from August 24-26 in Orange County, California.

For those in Texas, originating loans in Texas, or know how to spell Texas, mark down the date for the 105th Annual TMBA Convention: August 29-31 at the Omni Ft. Worth Hotel, Ft. Worth, Texas.

Capital Markets

Consumers, armed with stimulus checks and a year of elevated savings, have pushed demand for finished goods far beyond what the current global supply chain is able to meet. As most anyone who has taken an economic course can tell you, when demand outpaces supply you get inflation. We saw last week that prices for consumer goods like clothes, food and other household goods were up 4.2 percent over the past year, well above what economists were predicting. April’s monthly increase (0.8 percent) was the highest monthly increase observed since 1981. We have seen for the last few months that producer prices have been rising and April’s report confirms that they have been able to pass on those higher costs to consumers. Additionally, labor challenges are adding to businesses’ price pressures from raw goods by putting upwards pressure on wages. Outside of autos, gas, building materials and food services, demand for goods moderated in April as some consumers shifted spending back to services. For now, the Fed is maintaining its stance that it expects current inflation levels to moderate and to keep its supportive monetary policy in place through the end of the year.

Unlike last week, this week’s economic calendar is light on data, but does contain some important housing-related indicators, as is typical for the third week of the month. The potential market moving event of the week is likely to be the release of the minutes from the April 27/28 FOMC meeting on Wednesday. Kicking off today’s calendar was Empire State manufacturing for May (26.3). Later this morning brings the NAHB Housing Market Index for May and remarks from Atlanta Fed President Bostic, Vice Chair Clarida, and Dallas Fed President Kaplan. Today’s NY Fed Desk purchase schedule sees two operations totaling up to $5.2 billion 30-year 2 percent and 2.5 percent. Last week saw the Desk surpass $2.0 trillion of asset purchases since it restarted on March 16 of last year. We begin the day with Agency MBS prices roughly unchanged as is the 10-year yielding 1.64 percent.

 

Employment 

Mann Mortgage, a growing multi-state, community anchored, mortgage lending company dedicated to helping aspiring borrowers fulfill the dream of home ownership, has an immediate opening for a Construction Loan Assistant and a Construction Loan Administrator in its MannMade Construction division. The primary responsibilities, of both positions, will be to support the efforts of the Construction Loan Department to ensure smooth transactions and process flow for all construction loans. This individual, either in Kalispell, MT, or working remotely, will be responsible for timely and accurate data entries into the loan software program, interaction with BUILT, management of Mann Mortgage’s construction loan pipeline, assisting with builder and project approvals, supporting contractor and builder relationships, and will at all times possess a high level of attention to detail in daily tasks. Remote work acceptable with proven work experience. Please send cover letter & resume to James Hedvall, Chief Capital Markets Officer.

“Mr. Cooper was excited to announce changes to our credit box in May! The following went into effect for Delegated and Non-Delegated: Conventional and Conventional High Balance – Cash Out 1-unit (FICO 620); Specialty Government (600-640 FICO) Full Doc (Max DTI 50%); Standard Government FHA Streamline (FICO 640*) & VA IRRRLs (FICO 660*) [*Excluding NY & NJ].  We’re excited to provide liquidity and help more borrowers – keeping the dream of homeownership alive! Additionally, our Non-Delegated business is booming! Contact your Regional Sales Team as we are investing heavily into our Non-Del LOS (“GLAS”) to drive the client experience and fund loans quickly! Lastly, we’re excited to announce the Correspondent team is growing having recently promoted Devon Bevis to National Sales Manager and welcoming Georgann Degennaro as our new Northeast AE! We’re hiring and looking for additional seasoned Correspondent Sales professionals to join our expanding team. If you’re looking to join an impressive team and culture, we’d like to talk to you!”

Have you ever heard the saying, a chef is only as good as the ingredients he or she uses? Well, the same can be said of the customer service experience. The tools Caliber employees use are a critical part of fulfilling our customer needs. Take, for instance, Caliber’s ComeHome. Right from the start, the online tool makes a personal connection, allowing our customers to opt in to ComeHome via a loan consultant’s website or after closing via an invitation. Caliber customers will then receive updates about their home’s value and equity and may sign up for alerts on listings when they’re ready to move, branded to the loan consultant at every step. Caliber loan consultants are then armed with information to deliver exactly what their customer needs. Pretty cool! If you want to win with the team that understands the needs of its customers and employees alike, join the team at Caliber. Email Jonathan Stanley for Operations positions or James Hecht for Sales positions.

Churchill Mortgage, in 47 states, has named long-time employee Grant McFarland VP of Operations. Congratulations to Grant!

 



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Neiman Marcus group cites rebound in sales – WWD https://left-is-right.com/neiman-marcus-group-cites-rebound-in-sales-wwd/ https://left-is-right.com/neiman-marcus-group-cites-rebound-in-sales-wwd/#respond Mon, 17 May 2021 21:10:50 +0000 https://left-is-right.com/neiman-marcus-group-cites-rebound-in-sales-wwd/ The Neiman Marcus Group says it sees a “rebound” in business, which is expressed to stakeholders in a confidential report with preliminary results for the fiscal third quarter, WWD has learned. The report, released today on Neiman’s online portal that only homeowners and lenders can access, shows more than $ 850 million in total cash […]]]>


The Neiman Marcus Group says it sees a “rebound” in business, which is expressed to stakeholders in a confidential report with preliminary results for the fiscal third quarter, WWD has learned.

The report, released today on Neiman’s online portal that only homeowners and lenders can access, shows more than $ 850 million in total cash for the quarter ended May 1. 44% gain in the third quarter from the period 2020, and a decrease of 6-7% from the third quarter of 2019. Profit information will be provided in a separate confidential report to be released on June 15.

While Neiman’s does not yet reach the levels of 2019 and has only a few months of positive results to its credit, Geoffroy van Raemdonck, CEO of the Neiman Marcus group, said in an interview: rebound in our activity, which we gives confidence for the future. If you look at our liquidity at the end of the third quarter, it’s much higher than in the past. We have sufficient liquidity to stimulate our growth. “

The report says total liquidity is expected to increase to around $ 856 million, or unallocated cash of $ 297 million and gun availability of $ 559 million, an improvement of about $ 724 million from the same period a year ago. Compared to the third quarter of fiscal 2019, the improvement in total liquidity is over $ 320 million.

The Neiman Marcus Group emerged from bankruptcy on September 25, 2020 with its main lenders – Pacific Investment Management Company LLC, called PIMCO, Davidson Kempner Capital Management LP and Sixth Street Partners LLC – swapping debt for equity and becoming the new owners . The reorganization plan wiped out $ 4.4 billion in debt Neiman had on his books at the time, and about $ 200 million to $ 300 million in annual interest payments. There’s about $ 1 billion in debt on the books and the new capital structure brings annual interest costs down to about $ 80 million a year, van Raemdonck said, putting the Dallas-based luxury firm in position to build “a really strong business”. He also reported that Neiman’s $ 900 million asset-backed loan, led by Bank of America and a consortium of commercial banks, was not being used and the company had reduced its cost of capital through restructuring. .

Van Raemdonck, a former Ralph Lauren and Louis Vuitton executive who became CEO of NMG in February 2018, insisted that Neiman’s debt burden was what drove the company to bankruptcy last year. and that the underlying business has always been healthy. But the Dallas-based luxury omnichannel business has been hampered by speculation about waning support from some vendors to curb wholesale distribution, shift to franchise business models, and outperform competitors, putting Neiman and van Raemdonck under constant control. The third quarter report calls into question some of the months of speculation about the state of affairs.

Gucci President and CEO Marco Bizzarri said his company has been gradually streamlining distribution since March 2020 in order to better control brand equity and improve exclusivity last week. He said the company has reduced the number of doors it sells at Neiman Marcus as well as Saks Fifth Avenue, Bloomingdale’s and Nordstrom.

“Gucci has a comprehensive strategy that applies to everyone. We pivot with new ideas, ”van Raemdonck told WWD. He said that Neiman’s also had new ideas with other designer brands like Louis Vuitton, and that overall the distribution with Neiman’s top 50 brands overall is higher this year than there was. is two years old, and will increase again next year.

To encourage business with suppliers as well as buyers, van Raemdonck said: “The investments we are making in stores are going to be substantial, including over $ 100 million from developers and cash. additional generated by our company. ” He declined to give further details on the renovation plans, although WWD previously reported that Neiman’s plans to renovate eight stores, including those at the Bal Harbor Shops in Miami and the Tysons Galleria in McLean, Virginia. Neiman’s has also invested in upgrading online service, content, website navigation features and new technologies.

Neiman Marcus in Fort Worth, Texas.

Neiman is not the only one seeing positive results this spring. Industry-wide gains would be expected as retailers emerge from the sharp declines of last year with the onset of the pandemic and the resulting temporary store closures, social distancing and restrictions on trip.

Neiman’s business was further affected by the severe snowstorm that hit Texas in late February. “Texas has never seen anything like this. There was no heating or electricity for a week [in certain parts of the state]Said van Raemdonck. “The distribution centers were inoperative for almost a week. We were unable to ship or confirm orders online and receive shipments, and stores in Texas closed for half a week to a week. The biggest impact has been the inability to ship online. The salespeople worked around the clock to adapt to the situation. They helped repair water damage in stores and some even helped refill generators that ran out of fuel. “A lot of our people were without power and without electricity, but everyone basically contributed and took on the role required.”

After the difficulties of February, March and April saw “a significant rebound,” said van Raemdonck. While business was sluggish in New York and on the West Coast where strict COVID-19 related restrictions on operations remained, “the rest of the country was positive at mid-digit and some areas were in double-digits,” said van Raemdonck. “It gives you a sense of how strong the business is when you don’t have really tight restrictions.” Neiman’s business in the southeast, where restrictions were more relaxed, were the best, he said.

Last quarter, according to van Raemdonck, NMG saw double-digit growth in men’s bags, handbags and footwear. He said women’s clothing “is improving dramatically but still negative.”

Citing some trends, van Raemdonck said see now, buy now and novelty selling, and the company is working with brands to support that with more frequent merchandise drops. While women are generally still gentle, “We have seen a change in contemporary women, bridal and swimming. These are good examples showing signs of recovery and return to normal life, ”including planning weddings and vacations. “We sold more shorts in February of this year than in June of last year.” The rise of contemporary women reflects women who are beginning to go out and socialize. He also said that in men’s clothing, sneakers and designers are strong, and much of the men’s business comes from younger customers. “There is a real new market out there with new customers,” said van Raemdonck.

The CEO sees “a real desire for luxury and we are capturing more of that demand.… We finished the second quarter and entered the third quarter with much less inventory than in previous years. We bought spring products down 20%. Selling at full price is on the rise ”, which favors margins and delays markdowns. “We moved the markdowns later, four to six weeks. Historically, we would have May markdowns. We moved them in June and July. We promote full price and it works, ”said van Raemdonck.

On the negative side: “Tourism continues to be really non-existent, especially international tourism,” said van Raemdonck. “We are seeing a little more domestic tourism and people are buying in their area of ​​primary residence. We have seen a real recovery in local stores ”, as opposed to stores located in entry or tourist-oriented towns. “We also continue to see strong digital sales from out-of-state customers,” added van Raemdonck. Stores in California, Florida and New York normally cater for a large number of international travelers.

Neiman’s recently closed six stores permanently, including five during bankruptcy, leaving 37 Neiman Marcus stores, two Bergdorf Goodman stores and five Last Call units still in operation. When asked if further shutdowns would occur, van Raemdonck replied: “We think this is the right size of the network. All the closures were in markets where we had multiple stores. While no further closings are planned, stores are regularly screened for their future potential.

While Neiman’s presents a clearer picture, it needs to significantly support revenue gains to manage its remaining debt and maintain strong supplier relationships.

According to a recent confidential offer memorandum, for its most recent fiscal year ended August 1, 2020, when Neiman, like many other retailers, was deeply affected by the pandemic, the company lost $ 2.47 billion, up from $ 531 billion. , $ 7 million in the previous fiscal year. Adjusted earnings before interest, taxes, depreciation and amortization amounted to $ 51.2 million for the year ended August 1, compared to $ 436.3 million for the previous year.

For the six months ended, on January 30, 2021, Neiman earned $ 1.83 billion compared to a loss of $ 194.4 million the previous year. Adjusted EBITDA was $ 84.7 million compared to $ 257.1 million for the same period last year.

In the 12 months to January 2021, Neiman lost $ 446.6 million. The adjusted loss was $ 121.2 million.

NMG’s total revenue for its last fiscal year was $ 3.65 billion, up from $ 4.66 billion the year before. For the 12 months through January 30, NMG generated $ 2.86 billion in revenue.

The Beauty Floor at Neiman Marcus on Michigan Avenue in Chicago.



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COVID Accelerates Shift to Qualified Private Nursing Rooms, Up 31% in 2020 https://left-is-right.com/covid-accelerates-shift-to-qualified-private-nursing-rooms-up-31-in-2020/ https://left-is-right.com/covid-accelerates-shift-to-qualified-private-nursing-rooms-up-31-in-2020/#respond Mon, 17 May 2021 20:32:53 +0000 https://left-is-right.com/covid-accelerates-shift-to-qualified-private-nursing-rooms-up-31-in-2020/ The pandemic has sped up the shift to private rooms in the skilled nursing space, an attempt to help reduce infection, with 31 percent of operators making the switch to some capacity last year. Chicago-based specialist investment bank Ziegler reported the statistic at a CFO workshop in April – a study also found that 47% […]]]>


The pandemic has sped up the shift to private rooms in the skilled nursing space, an attempt to help reduce infection, with 31 percent of operators making the switch to some capacity last year.

Chicago-based specialist investment bank Ziegler reported the statistic at a CFO workshop in April – a study also found that 47% of operators took beds and / or units offline and 16% took permanently reduces the number of beds.

“We were basically moving to private rooms before the pandemic,” Chris Utz told Skilled Nursing News. Utz is Managing Director of Zieger’s healthcare investment banking team. “There are a lot of skilled nursing facilities across the country that use a very old model that have rooms with three or even four beds per room.

Georgia-based operator Pruitt Health expects residents and their families to demand private rooms during its census, CEO Neil Pruitt Jr. told Skilled Nursing News in a previous report.

Pruitt is looking to increase its inventory of private rooms from its current 14% to 32% in five years.

“We are moving very quickly to open new wings and create completely private facilities, and I think that will impact our ability to recover,” Pruitt said in an interview in March. “I always said there was a 15% to 20% contraction in the skilled nursing industry that was going to happen.”

This contraction will not be seen in closures, but rather in providers moving from semi-private to private rooms.

The main challenge with this change, said Utz, is the care reimbursed by Medicaid.

“The income is just not there,” he added. “Every skilled nursing facility has a mix of Medicare, private pay, and Medicaid. The business model is simply not supported in terms of reimbursement for private rooms. “

If this model shifts to more private compensation and health insurance, more operators are likely to follow the trend.

Lenders like the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD) may perceive single rooms as less risky in the long run, according to Lindsay Konkel, director of senior housing and care finance operations. in Ziegler.

“Right now, the FHA is currently asking lenders to demonstrate the impacts of the limitations on neighborhoods – the analysis should take into account the facility’s ability to maintain the FHA’s minimum debt service requirements if the quarters were converted into semi-private rooms, ”Konkel explained. “The scrutiny hasn’t disqualified any of our transactions, but as you can imagine, you know from Chris’s observations earlier, a lot of our customers have told us that the decompression of these services is currently prohibitively expensive. “

Location is another big factor in moving to private rooms – available space, state acceptance of more facilities built nearby, and local regulations dictate new construction and renovations. .

“You look at places like California, where (the statewide Office of Planning and Health Development) makes it impossible to build new beds in incredibly under-indebted markets,” Utz said. “There are a lot of facilities in the California area, especially in San Francisco, Los Angeles, San Diego, where they are undercover; many establishments have rooms with three beds. Even if a new builder wanted to come in and try to build private rooms, they couldn’t do it at a cost-effective level or even a sustainable level, due to OSHPD regulations.

Utz continued, “LA and New York City real estate is worth more than the facility itself. In many of these areas, you are dealing with buildings that have a 30 year old property and plan. But when you go to a more rural area, you know, say, Nevada or Texas where there is a ton of land and the land is cheap, you can build a high end facility without any interference from the land. ‘other developers. and / or regulatory bodies which will make it difficult for you. “

Utz mentioned that he is seeing more for-profit operators building new facilities with private chambers and nonprofits with ties to continuing care retirement communities.

“A lot of the new for-profit builders are the ones who are really setting up absolutely beautiful and skilled nursing facilities that have a lot of private rooms. I’m actually working on a single transaction, and I can’t mention the name, but all the facilities in the portfolio are completely new private rooms, ”he noted.



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The real lender rule: a step closer to repeal https://left-is-right.com/the-real-lender-rule-a-step-closer-to-repeal/ https://left-is-right.com/the-real-lender-rule-a-step-closer-to-repeal/#respond Mon, 17 May 2021 15:59:38 +0000 https://left-is-right.com/the-real-lender-rule-a-step-closer-to-repeal/ United States: The true lender rule: a step closer to repeal May 17, 2021 Perkins Coie LLP To print this article, simply register or connect to Mondaq.com. The Office of the Comptroller of the Currency (OCC) real lender rule is all but repealed. On May 11, 2021, the US Senate voted to approve a joint […]]]>


United States: The true lender rule: a step closer to repeal

To print this article, simply register or connect to Mondaq.com.

The Office of the Comptroller of the Currency (OCC) real lender rule is all but repealed. On May 11, 2021, the US Senate voted to approve a joint resolution to repeal the true lender rule under the Congressional Review Act (the CRA). The House is expected to pass the measure and the president has expressed support for the resolution.

The eventual repeal of the real lender rule will likely affect consumer loans. In today’s consumer credit arena, a bank may not be the lender of the loan. It is not uncommon for the loan agreement to designate a national bank as the lender, with a non-bank entity as the lender. The question then becomes which entity is the “real lender”. Under the real lender rule, the national bank is the lender because the loan agreement identifies it as such. The designation of “true lender” is important. If the “true lender” is a national bank, state usury laws generally do not apply to the loan because the National Bank Act of 1863 prevails over state law. On the other hand, if the “real lender” is a non-bank entity, state usury laws would apply to the loan. Without clear guidance on this issue, non-bank entities may become reluctant to extend loans, which would likely affect the financial products and services offered to consumers.

To compound the uncertainty, the next Comptroller of the Currency will not have the opportunity to change the True Lender Rule if it is repealed. Congress proposed repeal under the CRA, which prohibits the OCC from promulgating a replacement rule that is “substantially similar” to the repealed one. It is unclear how the BCC will deal with this issue in the future. We will continue to monitor this issue for future developments.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought on your particular situation.

POPULAR ARTICLES ON: Finance and Bank of the United States



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Semiconductor shortage to cost automakers $ 110 billion in 2021 https://left-is-right.com/semiconductor-shortage-to-cost-automakers-110-billion-in-2021/ https://left-is-right.com/semiconductor-shortage-to-cost-automakers-110-billion-in-2021/#respond Mon, 17 May 2021 15:36:01 +0000 https://left-is-right.com/semiconductor-shortage-to-cost-automakers-110-billion-in-2021/ The current semiconductor shortage will cost the global auto industry $ 110 billion in lost revenue this year, estimates AlixPartners, up more than 80% from the consulting firm’s estimate of $ 61 billion. January. The production of 3.9 million vehicles will be lost in 2021 due to the shortage, AlixPartners predicts. “The pandemic-induced chip crisis […]]]>


The current semiconductor shortage will cost the global auto industry $ 110 billion in lost revenue this year, estimates AlixPartners, up more than 80% from the consulting firm’s estimate of $ 61 billion. January.

The production of 3.9 million vehicles will be lost in 2021 due to the shortage, AlixPartners predicts.

“The pandemic-induced chip crisis has been exacerbated by events that are normally only roadblocks for the auto industry, such as a fire at a key chip manufacturing plant, extreme weather conditions in Texas and a drought in Taiwan, ”Mark Mark Wakefield, global co-leader in automotive and industrial practice at AlixPartners, said in a press release. “But all of these things are now major issues for the industry – which, in turn, has led to the need to build long-term supply chain resilience.”

Adds Dan Hearsch, general manager of the automotive and manufacturing practice of AlixPartners: “There are up to 1,400 chips in a typical vehicle today, and that number will only increase as the industry continues to move forward. towards electric vehicles, increasingly connected vehicles and, possibly, autonomous vehicles. So this is really a critical issue for the industry.

“But the top priority for businesses right now is to mitigate as much as possible the short-term effects of this disruption, which can include everything from renegotiating contracts to managing lender and investor expectations. The important thing is to be proactive and to be well armed with good information and analysis. “

In the United States, the shortage provoked the Biden administration. order one 100 day review national supply chains, CNBC reported. About $ 50 billion president By Biden $ 2 trillion infrastructure proposal set aside for the US semiconductor industry.

Ford alone expects to lose 1.1 million units of expected production this year due to the shortage, including a reduction of up to 50% in the second quarter, CEO Jim Farley said in late April during a conference call with financial analysts. The impact on production will continue to be felt well in the second half of 2021 and could extend until 2022, he said.



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MCA Loans Present Hidden Risks For Small Businesses, Finance Professionals Say | Texas https://left-is-right.com/mca-loans-present-hidden-risks-for-small-businesses-finance-professionals-say-texas/ https://left-is-right.com/mca-loans-present-hidden-risks-for-small-businesses-finance-professionals-say-texas/#respond Mon, 17 May 2021 11:00:00 +0000 https://left-is-right.com/mca-loans-present-hidden-risks-for-small-businesses-finance-professionals-say-texas/ HOUSTON, May 17, 2021 / PRNewswire / – Leading factoring company Charter Capital is warning small business owners about the dangers of cash advances from merchants. Otherwise known as MCA loans, states and the FTC have cracked down on predatory practices in the alternative lending niche that can leave businesses paying nearly 4,000% annual interest […]]]>


HOUSTON, May 17, 2021 / PRNewswire / – Leading factoring company Charter Capital is warning small business owners about the dangers of cash advances from merchants. Otherwise known as MCA loans, states and the FTC have cracked down on predatory practices in the alternative lending niche that can leave businesses paying nearly 4,000% annual interest rates. However, representatives from Charter Capital say the problem persists and urges small business owners to approach MCA loans with caution.

Those interested in exploring the detailed version are encouraged to read “The True Cost of MCA Loans Versus Alternative Funding Sources,” now available on CharterCapitalUSA.com.

Joel Rosenthal, Co-Founder and Executive Director of Charter Capital, says the way the fees are presented with MCA loans is what makes them so troublesome. “Business owners hear their ‘multiplier’ is 1.5 and they think they’re getting a great interest rate on a loan,” says Rosenthal. “But an MCM is not a loan and a multiplier is not an interest rate. A multiplier is the rate by which the principal amount is multiplied to calculate the repayment amount. When converted to a annualized interest rate, or APR, is typically well above 100 percent and often in the thousands. “

Rosenthal says this is just the tip of the iceberg for business owners, as MCA lenders typically eliminate payments from a business’s credit card income as a percentage of payments processed. This can make it difficult to forecast income and expenses. Additionally, since MCAs are structured differently, there is seldom a benefit to early repayment.

“Often business owners don’t realize how their transaction is structured until the money comes from their income. By then it’s too late,” Rosenthal laments. “They may not have enough income to cover their expenses and can easily find themselves caught in a spiral of debt while exploiting additional working capital solutions to make ends meet.”

Fortunately, small business owners who don’t qualify for traditional bank loans still have options beyond MCAs, Rosenthal says. For example, some point-of-sale providers offer advances with more flexibility and lower fees for early repayment. Invoice factoring, or advances on unpaid invoices, is also a good alternative to MCMs for players in the B2B sector.

Those interested in exploring factoring or getting a free quote can do so at CharterCapitalUSA.com.

Based at Houston, texas, Charter Capital has been a leading provider of flexible financing solutions for the B2B industry for over 20 years. Competitive pricing, a fast approval process, and same-day financing help businesses across a variety of industries get the working capital they need to manage their day-to-day needs and grow. To learn more, visit CharterCapitalUSA.com.

The hidden risks of MCA loans

SOURCE Charter Capital Holdings LP



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