California Real Estate – California Sunset Team http://californiasunsetteam.com/ Fri, 17 Sep 2021 03:31:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://californiasunsetteam.com/wp-content/uploads/2021/09/californiasunsetteam-icon-120x120.jpg California Real Estate – California Sunset Team http://californiasunsetteam.com/ 32 32 Benefits Of Getting a Loan From Direct Lenders https://californiasunsetteam.com/benefits-of-getting-a-loan-from-direct-lenders/ https://californiasunsetteam.com/benefits-of-getting-a-loan-from-direct-lenders/#respond Thu, 09 Sep 2021 07:05:16 +0000 https://californiasunsetteam.com/?p=3582 Nowadays, a loan is very popular. Anybody can get a loan whenever they need it. A loan can be requested to fund a business or cover unexpected costs. Small businesses might have a difficult time getting loans. Small businesses are not eligible for loans from lender loans directly such as large banks. This is where the problem lies, […]]]>

Nowadays, a loan is very popular. Anybody can get a loan whenever they need it. A loan can be requested to fund a business or cover unexpected costs.

Small businesses might have a difficult time getting loans. Small businesses are not eligible for loans from lender loans directly such as large banks.

This is where the problem lies, especially if you are a small business owner who needs capital and financial support to keep your company moving. Business owners have a great alternative to get additional funds.

The banks have had to stop lending and financial intermediaries were formed to fill the gap. Direct lending now accounts for a significant portion of U.S. corporate borrowing.

Direct Lenders

Direct lenders are a great option for you. There are many reasons why working with them could prove to be beneficial. Direct business lenders can approve short-term installment loans, even though it might seem that business owners have to go to traditional lenders.

These are your benefits!

If you are looking for loan alternatives, these are just a few of the benefits of working directly with a lender.

Flexibility

Direct lenders offer the greatest advantage. Direct lenders can offer flexible terms for loans. They will work with you to understand your needs and can accommodate them. They will then help you select the right package or product for your needs. Even if you don’t have a great credit score, direct lenders may be able to help.

Documentation

Both small and large business owners understand the importance of time. You must be patient when applying for a loan. If a lender requires that you submit multiple documents, you must follow the instructions. It is your responsibility to rectify any mistakes or omissions made along the way. This will require more time.

Direct business lenders make it easier to document your loan application by only requesting the documents that are required. Direct business lenders understand the importance time is for business owners. They don’t require additional documentation.

Direct Access and Better Communication

Direct lenders are often involved in loan applications. These two terms are often used interchangeably because they often work together. Direct lenders can also be beneficial when it comes to mortgage loans.

Many consumers prefer to speak directly with their lenders, without intermediaries (the broker). This allows for better communication and more information. If consumers have any questions or require clarification, they can also reach out to their lenders directly.

Let’s say you are new to the loan industry. Direct lenders can be a great resource to help you understand the system and find ways to grow your company. Based on their experience and knowledge, direct lenders can help you select the right loan for your company.

Quick Cash Release

Your loan cash may not be available immediately because it takes longer to get money from traditional lenders. Direct lenders are now available online. They can process loans much faster than traditional lenders. This will make it easier to get loans quickly and can be very beneficial for your company.

Direct business lenders understand that time is valuable and will expedite your loan application so your company can grow. Lenders know how important it is to get money out as quickly and efficiently as possible. Lenders know that loan applicants may use the money to purchase additional capital or equipment to improve their services.

Takeaway

Anybody can obtain a loan as long as they are able to repay it. Small business owners often find it difficult to obtain a loan. Traditional lenders might not approve their application or make it difficult. These borrowers can be assisted by direct business lenders. Direct business lenders can be flexible with loan terms and documentation. To find alternative loans, they can work with borrowers with good and bad credit. They can also release cash faster. These are just a few of the many benefits direct lenders can provide.

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ETMarkets morning podcast: HDFC Bank stock may just have had a shot in the arm https://californiasunsetteam.com/etmarkets-morning-podcast-hdfc-bank-stock-may-just-have-had-a-shot-in-the-arm/ https://californiasunsetteam.com/etmarkets-morning-podcast-hdfc-bank-stock-may-just-have-had-a-shot-in-the-arm/#respond Thu, 09 Sep 2021 03:49:00 +0000 https://californiasunsetteam.com/etmarkets-morning-podcast-hdfc-bank-stock-may-just-have-had-a-shot-in-the-arm/ Hi hello. Welcome to ETMarkets Morning, the money, business and markets show. I am Nikhil Agarwal. Let’s start with the headlines first. – Tata breaks HAL monopoly with first military aircraft contract– RBI removes PCA restrictions on UCO Bank– India’s economy picks up speed after second wave of coronavirus, S&P says– Center wants PSU control […]]]>
Hi hello. Welcome to ETMarkets Morning, the money, business and markets show. I am Nikhil Agarwal. Let’s start with the headlines first.

– Tata breaks HAL monopoly with first military aircraft contract
– RBI removes PCA restrictions on UCO Bank
– India’s economy picks up speed after second wave of coronavirus, S&P says
– Center wants PSU control of Petronet, IGL remains after BPCL open offer

Now let me give you a quick overview of the state of the markets.

Dalal Street is expected to have a positive start this morning. The crafty futures on the Singapore Stock Exchange traded 50 points lower at 8:20 a.m. (IST). Asian markets opened lower Thursday as Wall Street falls weighed on the market, with investors adjusting their positions ahead of futures and options settlement this week. The largest MSCI index of Asia-Pacific stocks outside of Japan fell 0.99%.

Elsewhere, the yield on 10-year Treasuries was 1.34%. The dollar was supported on Thursday by cautious risk sentiment stemming in part from concerns over the Delta variant as the euro looked into the European Central Bank’s policy decision later in the day. Oil prices fell on Thursday, abandoning some of the gains from the last session, although a drop in US production in the Gulf of Mexico following Hurricane Ida provided a bottom under the market. Brent fell 18 cents, or 0.25%, to $ 72.42 a barrel.

That said, here’s what’s in the news.

Foreign investor interest in HDFC Bank is expected to pick up after the country’s largest private lender is dropped from the red flag list of foreign portfolio investors, analysts said. A red flag is a warning sign that the REIT’s stake in a particular company may soon hit the upper limit. A stock would be on the red flag list when REIT holdings are below or below 3% of the allowed limit for the sector. A headline coming off the red flag list indicates that foreign investors have reduced their holdings in recent times. For a private bank, the maximum allowed limit of the REIT is 74%.

The life of non-bank financial corporations (NBFC) is gradually returning to normal after three years of struggle. Faced with signs of easing financial markets for shadow banks that were shut out after the IL&FS collapse in 2018, companies are raising funds through the public sale of bonds at interest rates below what they were paying before the implosion. Indiabulls Housing, which seeks to be a loan originator rather than engaging in direct loans, and Edelweiss are in the market by selling bonds to retail investors. Piramal Capital & Housing, Muthoot Finance, Muthoot FinCorp, Indel Money, Power Finance Corporation, Manappuram Finance and JM Financial are expected to raise at least Rs 10,000 crore in total by December.

Equity assets under management (AUM) of foreign portfolio investors (REITs) reached a record high of $ 651 billion (Rs 48 lakh crore) at the end of August 2021, according to NSDL data. It increased by $ 255 billion (Rs 18 lakh crore) from the period last year as part of a rebound in the domestic stock market and a sustained influx over the past 12 months. REITs accounted for nearly a fifth of India’s market capitalization of over $ 3.5 trillion in August. Banking and financial sector stocks accounted for the largest share (31.8%) in the REIT portfolio, followed by IT and energy (14.6% and 10% respectively).

RECENTLY,
Flows to equity mutual funds fell sharply in August compared to the previous month as investors made new allocations to a new fund offering (NFO) from the SBI Balanced Advantage Fund, which invests in a combination of ‘stocks and debts. Equity mutual funds recorded inflows of Rs 8,667 crore in August, significantly lower than the previous month’s inflows of Rs 22,584 crore. The rise in equities saw the industry’s total assets under management in August soar to Rs 36.09 lakh crore from Rs 35.15 lakh crore the previous month. Investors continued to invest through Systematic Investment Plans (SIPs) with such collections touching Rs 9,923 crore, Rs 314 crore more than the previous month.

NOW Before you go, here’s a look at the actions buzzing this morning …

The Reserve Bank of India lifted restrictions on state-owned UCO bank after improving its finances and the bank’s cautiousness.

IDBI Bank has recouped nearly 250 crore rupees from its outstanding loans to the Videocon group by selling an overseas property held as collateral by the bankrupt conglomerate.

The government can ask the public promoters of IGL and Petronet LNG to make open offers to minority shareholders of these
companies in concert or in competition with the strategic buyer of BPCL to ensure that SOEs do not lose control of gas companies.

The Canada Pension Plan Investment Board (CPPIB) to sell a 2% stake in SBI Life Insurance Company worth Rs 2,274 crore through the
market platform Thursday, according to a term sheet issued by the sole bookrunner of the BNP Paribas transaction.

Also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.

That’s all for the moment. Stay with us for all the market news throughout the day. Good investment!

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An increase in housing construction could be underway https://californiasunsetteam.com/an-increase-in-housing-construction-could-be-underway/ https://californiasunsetteam.com/an-increase-in-housing-construction-could-be-underway/#respond Thu, 09 Sep 2021 00:20:00 +0000 https://californiasunsetteam.com/an-increase-in-housing-construction-could-be-underway/ SAN DIEGO (KGTV) – Developers in San Diego County are set to get more than 10,000 building permits for new homes this year, which a new report says is the highest in more than a decade. The report, from the Southern California Real Estate Research Council, says that in the first half of 2021, developers […]]]>

SAN DIEGO (KGTV) – Developers in San Diego County are set to get more than 10,000 building permits for new homes this year, which a new report says is the highest in more than a decade.

The report, from the Southern California Real Estate Research Council, says that in the first half of 2021, developers secured permits for 4,973 homes, of which about two-thirds were townhouses. If that pace picks up a bit, the industry could get the green light to build more than 10,000 new homes in a year for the first time since 2006, the year before the real estate crash that led to the Great Recession.

“The way our structure is now, it really only encourages our ability to build with the highest incomes, and we have to figure out how to reduce it,” said Lori Pfeiler, CEO of the San Diego Building Industry Association.

Pfeiler said his personal challenge was to bring home prices down to $ 400,000 to $ 600,000, a range middle-income people can more easily afford. Currently, the median price of a home in the county is $ 730,000, according to CoreLogic.

Pfeiler said she believed developers were getting more permits because city councils had become more housing-friendly. However, she noted the remaining challenges with the approval process and the scarcity of land.

Even though the region reaches 10,000 permits in 2021, SANDAG says it takes more than double the number per year until 2029 to meet demand.

Gary London, director of London Moeder Advisors, said most large projects take place in Mission Valley and downtown. He said he expects house prices to stabilize eventually once mortgage rates recover. This, however, would present its own set of challenges to affordability.

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Why Lower.com is more than mortgage rates https://californiasunsetteam.com/why-lower-com-is-more-than-mortgage-rates/ https://californiasunsetteam.com/why-lower-com-is-more-than-mortgage-rates/#respond Wed, 08 Sep 2021 15:34:24 +0000 https://californiasunsetteam.com/why-lower-com-is-more-than-mortgage-rates/ Prior to announcing a $ 100 million Series A funding round in June and a naming rights deal with the Major League Soccer team, the Columbus Crew, Lower LLC had kept a relatively low profile as than direct bootstrap mortgage lender. But there is a backstory to Lower that helps explain why the company thinks […]]]>

Prior to announcing a $ 100 million Series A funding round in June and a naming rights deal with the Major League Soccer team, the Columbus Crew, Lower LLC had kept a relatively low profile as than direct bootstrap mortgage lender.

But there is a backstory to Lower that helps explain why the company thinks it can now position itself not just as a lender, but as “Everything for your home, for Lower”.

Lower LLC CEO Dan Snyder got his start in mortgage lending at a small depository bank, before co-founding Homeside Financial, a Maryland-based mortgage lender, in 2014. Homeside Financial and its associated brands, which remain under the umbrella of Lower Holding Co., have financed more than $ 14 billion in loans and provided Lower with a network of distribution partners of builders and real estate agents.

The launch of Lower.com in 2018 provided a direct mortgage channel with a more streamlined digital process that the company says is particularly appealing to millennials.

“We want to be the first glimpse of this millennial homebuyer who doesn’t know how it works,” Snyder told Inman. “You want to buy a house, you are tired of renting, you can go to Lower.com, and we will reduce your stress. We want to be the number one homebuyer anxiety reducer in the country. “

A Lower.com landing page aimed at Reddit users, for example, promises to “make you an owner” in “just five easy steps.”

“Mom and dad need to get together,” says a toddler pictured in one of the stages. “Even I know our DTI ratio. “

In May, Lower announced a mobile app, HomeFund, which allows consumers to open an FDIC-insured interest-bearing deposit account to save for a home and earn dollar for dollar on the first $ 1,000 saved.

By providing bundled services as a lender, loan manager, insurance broker and deposit account, Lower says it is able to help more buyers and homeowners.

“We’ve been working on it for almost seven years and have doubled every year the metric you want to look at – from closed volume to revenue – and we’ve grown it profitably along the way,” Snyder said. Last year, the company as a whole, including HomeFund, granted $ 5 billion in loans, and this year it plans to fund $ 9 billion.

Agent referral platform coming in Q1 2022

To help keep growth on track next year, the company’s real estate brokerage arm, Lower Realty LLC, plans to launch an agent matching service for home buyers in the first quarter of 2022. .

Pairing consumers with agents, Snyder explains that Lower’s philosophy will be to “optimize the process and the experience,” taking into account factors such as the type of property a buyer is interested in and the availability of agents.

“We want to make sure they get along well,” Snyder says. “What we’re building is a bit more of a Match.com situation, behind the scenes.”

Snyder says Lower is currently in agent matching beta, with 1,700 agents in a network spread across the country from Tampa, Florida to Los Angeles.

“We don’t have enough agents in our network, frankly – that’s something we really need,” Snyder said. “We’re getting the word out a bit… and we’re looking to make some big progress in the next quarter. “

Major mortgage lenders like Rocket Cos., LoanDepot, and Better have all moved into real estate brokerage and title insurance to provide end-to-end bundled services to homebuyers. But Snyder said his business can differentiate itself by incubating the next generation of home buyers and making homeownership easier.

“It’s not like it’s a revolutionary idea,” Snyder conceded. “There has been a consolidation of services in many verticals for years. You will accept bundling if it does two things: it’s cheaper and it’s more convenient. So the execution has to be off the charts. And I think that’s where we differentiate ourselves.

Rather than trying to make big profits on every element of a transaction, “we can earn less on all of them and we get a better experience,” he says. “So you’re seeing a migration to that – there are other people doing that sort of thing. We just hope to win in execution.

Snyder says he thinks competitors are “not putting the cover on service,” and that Lower has an advantage in making homeownership easier.

“Rocket, they’ve been around for decades, so it’s harder for them to move around with the latest technology,” Snyder says. “They are now like Wells Fargo. And Wells Fargo has a lot of bundles and a lot of stuff, but it’s Wells Fargo.

Build the technology internally or in partnership?

To make sure everything is transparent from the customer’s perspective, Lower is developing a lot of its technology in-house, although it isn’t afraid to partner with products like its HomeFund app.

HomeFund is built on an API-based payment processing platform provided by Galileo Financial Technologies, with accounts held at Evolve Bank & Trust in Memphis, Tennessee.

“We really want to build and own everything that is consumer oriented because it is our bread and our butter. We will live and die by performing this experiment, ”Snyder said.

So Lower has partnered with Galileo to provide “middleware” for HomeFund, an API layer that connects a custom front-end from Lower to the partner bank.

“We’re not really interested in being a real bank – we’re a mortgage bank, we have an incredibly strong balance sheet, but we don’t store deposits,” Snyder said. “But we want to control the experience.”

Lower has also created their own custom documentation portal to make it easy to download all the documentation associated with a mortgage, because “we haven’t seen anything on the market that is as close to being as compliant or as easy to use as we wanted it. “

“What I think you’ll see more of from us is creating more of these building blocks to speed up the process for our own team members, instead of using vendors,” Snyder says.

Navigate compliance issues

There are some compliance issues with the provision of bundled services. Rocket revealed that the Consumer Financial Protection Bureau last year investigated whether its real estate brokerage arm, Rocket Homes, “had conducted business in a manner that violated” the Real Estate Settlement Procedures Act, or RESPA. .

Rocket has since announced that in addition to providing referrals, it is hiring internal agents. Better to do the same. Snyder says he is well aware of the potential problems with RESPA and is able to deal with them.

“We are not a brand new real estate fintech startup without any experience with RESPA and its complexities,” said Snyder. “We are the opposite of that. We approach this thing with conformity in mind. I literally just got out of a Zoom call – a huge opportunity for us – and our general counsel, who is a 30 year veteran, is on the introductory call. Because a lot of these things, you really have to go in with your eyes wide open. “

Lower’s motivation for providing the agent match is “to help ease the pain of the consumer, who comes to us, and says he’s buying a second home in Colorado and living in Philadelphia – they don’t. ‘have no idea what the landscape of this market is. Instead of going to Google and trying to figure it out on their own, we just link them [to a real estate agent]. It’s different from some of the big stand-alone companies like Homelight. We simply connect them to a real estate agent. It’s up to them. But it operates as a completely separate entity and business. “

With the mortgage market expected to shift from refinancing to purchasing mortgages next year, lenders are eager to partner with realtors to grow this aspect of their business.

Snyder says if you include Homeside Financial in the mix, purchase loans already represent 60 percent of Lower’s business, and historically it’s “closer to 70-30” to buy for refi.

On the direct-to-consumer side, “we are almost 50-50 buy-to-refi, which is almost unheard of, due to the difficulty of making a buy transaction” from a central location, Snyder says. “What we’ve found is that a lot of it is about making sure the organization is fit for the buying activity. There are deadlines and complexities, and you can’t close loans a day late. Then the moving trucks are affected.

Email Matt Carter

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Are Sallie Mae Student Loans Federal Or Private? https://californiasunsetteam.com/are-sallie-mae-student-loans-federal-or-private/ https://californiasunsetteam.com/are-sallie-mae-student-loans-federal-or-private/#respond Wed, 08 Sep 2021 14:00:38 +0000 https://californiasunsetteam.com/are-sallie-mae-student-loans-federal-or-private/ When you hear the name Sallie Mae, you probably think of student loans. There is a good reason for this; Sallie Mae has a long history, during which she has provided federal and private student loans. However, as of 2014, all of Sallie Mae’s student loans are private and her federal loans have been sold […]]]>

When you hear the name Sallie Mae, you probably think of student loans. There is a good reason for this; Sallie Mae has a long history, during which she has provided federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private and her federal loans have been sold to another provider. Here’s what to know if you have a Sallie Mae loan or are considering getting one.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first established the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress has given SLMA, commonly known as “Sallie Mae”, Government Sponsored Enterprise (GSE) status to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse. for student loans.

However, in 2004 the structure and purpose of the company began to change. SLMA was dissolved at the end of December of the same year and the SLM Corporation, or “Sallie Mae”, was incorporated in its place as a fully private company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae parted ways to form Navient and Sallie Mae. Navient is a federal student loan manager who manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae before 2014, it is possible that it was a federal student loan under the former Federal Family Education Loan Program (FFELP).

Currently, Sallie Mae owns 1.4% of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans, and savings accounts to its customers, many of whom are students.

What is the difference between private and federal student loans?

When looking for funding to pay for your education, you’ll have a big choice: federal student loans versus private student loans. Both types of loans offer advantages and disadvantages.

Federal student loans are educational loans granted by the US government. Under the federal William D. Ford direct loan program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you usually don’t need a co-signer or even a credit check. Loans also come with many benefits, such as the ability to adjust your repayment plan based on your income. You can also suspend payments with a forbearance or postponement and maybe even qualify for a certain level of student loan forgiveness.

On the negative side, most federal student loans have borrowing limits, so you may need to find additional funding or scholarships if your tuition costs exceed the federal loan maximums.

Private student loans are educational loans that you can access from private lenders, such as banks, credit unions, and online lenders. On the bright side, private student loans often carry larger loan amounts than what you can access through federal funding. And if you or your co-signer has great credit, you may be able to get a competitive interest rate as well.

As for the downsides, private student loans do not offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae Loans Better Than Federal Student Loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer many benefits that private loans do not. You will usually want to complete the Free Federal Student Assistance Application (FAFSA) and review federal funding options before applying for any type of private student loan, including Sallie Mae loans.

However, private student loans, like those offered by Sallie Mae, have their place. In some cases, federal student aid, grants, scholarships, work-study programs, and savings may not be enough to cover education costs. In these situations, private student loans can offer you another way to pay for your college education.

If you need to take out private student loans, Sallie Mae is a lender to consider. It offers loans for a variety of needs, including undergraduates, MBA schools, medical schools, dental schools, and law schools. Its loans are also 100% covered, so you can find financing for all of your certified school expenses.

Having said that, it is always best to compare a few lenders before committing. All lenders assess income and credit score differently, so it is possible that another lender will offer you lower interest rates or better terms.

The bottom line

Sallie Mae may be a good choice if you are looking for private student loans and other financial products. Just be sure to do your research up front, as you should before taking out any form of funding. Comparing multiple offers always gives you the best chance of saving money.

Learn more:

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KNIGHT-SWIFT TRANSPORT HOLDINGS INC. : Entering into a material definitive agreement, terminating a material definitive arrangement, creating a direct financial obligation or obligation under an off-balance sheet arrangement of a registrant (Form 8-K) https://californiasunsetteam.com/knight-swift-transport-holdings-inc-entering-into-a-material-definitive-agreement-terminating-a-material-definitive-arrangement-creating-a-direct-financial-obligation-or-obligation-under-an-off/ https://californiasunsetteam.com/knight-swift-transport-holdings-inc-entering-into-a-material-definitive-agreement-terminating-a-material-definitive-arrangement-creating-a-direct-financial-obligation-or-obligation-under-an-off/#respond Wed, 08 Sep 2021 13:13:12 +0000 SECTION 1.01 ACCESS TO A MATERIAL DEFINITIVE AGREEMENT On September 3, 2021 (the "Closing Date"), Knight-Swift Transportation Holdings Inc. (the "Company") entered into a $2.3 billion unsecured credit facility with the lenders thereto, Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and Wells Fargo Bank, National Association and PNC Bank National […]]]>

SECTION 1.01 ACCESS TO A MATERIAL DEFINITIVE AGREEMENT


On September 3, 2021 (the "Closing Date"), Knight-Swift Transportation Holdings
Inc. (the "Company") entered into a $2.3 billion unsecured credit facility with
the lenders thereto, Bank of America, N.A. as Administrative Agent, Swingline
Lender, and Issuing Lender and Wells Fargo Bank, National Association and PNC
Bank National Association as Co-Syndication Agents (the "2021 Debt Agreement"),
replacing the Company's previous $1.1 billion unsecured credit facility (the
"2017 Debt Agreement") and the $1.2 billion unsecured term loan (the "2021 Term
Loan"). The 2021 Debt Agreement includes the following facilities:
•$1.1 billion revolving line of credit (the "2021 Revolver"), $350.0 million of
which was drawn upon the Closing Date, maturing September 3, 2026
•$0.2 billion term loan (the "2021 Term Loan A-1"), maturing December 3, 2022
•$0.2 billion term loan (the "2021 Term Loan A-2"), maturing September 3, 2024
•$0.8 billion term loan (the "2021 Term Loan A-3"), maturing September 3, 2026
There are no scheduled principal payments due on the 2021 Revolver, the 2021
Term Loan A-1, or the 2021 Term Loan A-2 until the respective maturity dates
noted above. For the 2021 Term Loan A-3, scheduled principal payments commence
on September 30, 2024, payable in equal quarterly installments of $10.0 million,
with the remaining outstanding balance due at the final maturity date on
September 3, 2026. The interest rates applicable to the 2021 Debt Agreement are
subject to leverage-based grids and as of the Closing Date were equal to the
Bloomberg Short-term Bank Yield ("BSBY") rate plus 1.125% for the 2021 Revolver
and 2021 Term Loan A-3 and the BSBY rate plus 1.000% for the 2021 Term Loan A-1
and 2021 Term Loan A-2.
The 2021 Debt Agreement includes certain financial covenants with respect to a
maximum consolidated net leverage ratio and a minimum consolidated interest
coverage ratio. The 2021 Debt Agreement includes usual and customary events of
default for a facility of this nature and provides that, upon the occurrence and
continuation of an event of default, payment of all amounts payable under the
2021 Debt Agreement may be accelerated, and the lenders' commitments may be
terminated. The 2021 Debt Agreement contains certain usual and customary
restrictions and covenants relating to, among other things, dividends (which
would be restricted only if a default or event of default had occurred and was
continuing or would result therefrom), liens, affiliate transactions, and other
indebtedness.
The foregoing description of the 2021 Debt Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
2021 Debt Agreement, which will be filed with the Company's Form 10-Q for the
quarter ended September 30, 2021.


           ITEM 1.02   TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT


Concurrently with entering into the 2021 Debt Agreement on the Closing Date, the
Company paid off and terminated the 2017 Debt Agreement and the 2021 Term Loan.
The 2017 Debt Agreement was by and among the Company as the borrower, as well as
Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender
and Issuing Lender, and Bank of America, N.A. and PNC Bank National Association
as Co-Syndication Agents. The 2017 Debt Agreement included a $0.8 billion
revolving credit facility (of which $350.6 million face value was outstanding as
of the Closing Date) and a $0.3 billion term loan, which were each scheduled to
mature on October 3, 2022.
As of September 3, 2021, there was $1.2 billion outstanding under the previous
2021 Term Loan, an agreement that was by and among the Company as the borrower
and Bank of America, N.A. as the lender. The previous 2021 Term Loan was
scheduled to mature on October 3, 2022.
Upon the Closing Date, proceeds from the 2021 Term Loans A-1, A-2, and A-3,
$350.0 million drawn under the 2021 Revolver, and $4.7 million of cash on hand
were used to pay off the then-outstanding balances and accrued interest and fees
under the 2017 Debt Agreement and the 2021 Term Loan, as well as certain
transaction fees and expenses associated with the 2021 Debt Agreement.


ITEM 2.03             CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
                      OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The information set out in Item 1.01 above relating to the 2021 Loan Agreement is incorporated by reference in this Item 2.03.

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Many Aspects of the Housing Crisis – Chico Enterprise-Record https://californiasunsetteam.com/many-aspects-of-the-housing-crisis-chico-enterprise-record/ https://californiasunsetteam.com/many-aspects-of-the-housing-crisis-chico-enterprise-record/#respond Wed, 08 Sep 2021 09:34:08 +0000 https://californiasunsetteam.com/many-aspects-of-the-housing-crisis-chico-enterprise-record/ Jesica Giannola (letters of September 4) correctly points out that the costs of housing and homelessness are linked, but I believe that she does not understand that there are two overlapping but distinct aspects in the crisis of affordability of housing. The first concerns the plight of young working families who wish to be part […]]]>

Jesica Giannola (letters of September 4) correctly points out that the costs of housing and homelessness are linked, but I believe that she does not understand that there are two overlapping but distinct aspects in the crisis of affordability of housing.

The first concerns the plight of young working families who wish to be part of the property economy, but find themselves in competition with buyers from all over the world. California real estate has become one of the most popular commodities and therefore is very attractive to investors residing in stagnant economies elsewhere. Only appropriate changes in public policies can change this unfortunate and unsustainable situation.

The second is that there is no level of affordability that will make housing available to people who have no legitimate income or recent work history, and whose employability, even in an economy in a labor shortage, is questionable. Often, but not always, what is incompatible with self-sufficiency is the current or past use of intoxicating substances.

During my 40 years as a vocational rehabilitation professional, I have been able to help many people with disabilities (including psychiatric) to find paid employment in protected, supported or fully integrated environments. One thing I couldn’t do was create or find workplaces that would accept people with chronic poisoning. If a person could wait for their first drink or puff until five in the evening, we might have stood a chance. But if they needed that first dose to start their day, our prognosis for success was poor.

– Carl Ochsner, Chico

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AXCELLA HEALTH INC. : Conclusion of a material definitive agreement, creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a registrant, financial statements and supporting documents (Form 8-K) https://californiasunsetteam.com/axcella-health-inc-conclusion-of-a-material-definitive-agreement-creation-of-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-arrangement-of-a-registrant-financial-statemen/ https://californiasunsetteam.com/axcella-health-inc-conclusion-of-a-material-definitive-agreement-creation-of-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-arrangement-of-a-registrant-financial-statemen/#respond Tue, 07 Sep 2021 20:20:54 +0000 Item 1.01 Conclusion of a Material Definitive Agreement. At September 2, 2021, Axcella Health Inc. (the “Company”) has entered into a loan and guarantee agreement (the “New Loan Agreement”) with SLR Investment Corp., f / k / a Solar Capital Ltd. (“SLR”), in its capacity as guarantee agent (“Agent”), and the parties signing the New […]]]>

Item 1.01 Conclusion of a Material Definitive Agreement.

At September 2, 2021, Axcella Health Inc. (the “Company”) has entered into a loan and guarantee agreement (the “New Loan Agreement”) with SLR Investment Corp., f / k / a Solar Capital Ltd. (“SLR”), in its capacity as guarantee agent (“Agent”), and the parties signing the New Loan Agreement from time to time as Lenders, including SLR in its capacity as Lender (each a ” Lender ”and collectively the“ Lenders ”). The new loan agreement replaced this certain loan and guarantee agreement by and between the company and SLR, dated Jan. 9, 2018, as modified by this first amendment to the loan and guarantee contract dated October 7, 2018, as further amended by this second amendment to the loan and guarantee contract dated November 30, 2018, as further amended by this third amendment to the loan and guarantee contract dated August 28, 2020 (as amended, the “Previous Loan Agreement”).

The new loan agreement provides for a term loan commitment of up to $ 26.0 million, which funds will be used to repay all outstanding term loan obligations under the previous loan agreement (the “Term Loan”). Borrowings under the new loan agreement bear interest at an annual rate equal to 8.60% plus the greater of the two (a) thirty (30) days we Dollar LIBOR rate and (b) 0.10%, payable monthly in arrears. From September 2, 2021, approximately
$ 26.0 million is overdue under the new loan agreement, which only reflects the amount required to repay the loan term. Term loans under the new loan agreement each have a maturity date of September 1, 2026.

The new loan agreement also contains certain financial covenants, including an unlimited minimum cash level until certain conditions relating to the study data are met. The new loan agreement contains the usual representations and warranties, as well as certain non-financial covenants, including the commitment in any change of control transaction or the commitment of additional debt or privileges. As security for its obligations under the new loan agreement, the Company has provided the lenders with perfect first-class security on all existing and acquired assets of the Company, including intellectual property.

The above description of the new loan agreement does not claim to be complete and is qualified in its entirety by reference to the full text of the new loan agreement, which is filed with this current report on Form 8-K as an exhibit 10.1 and is incorporated herein by reference.

Article 2.03. Creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a registrant.

The information set out in section 1.01 above is incorporated herein by reference.

Item 9.01 Financial statements and supporting documents.



(d) Exhibits:



 Exhibit
   No.      Description
  10.1†       Loan and Security Agreement, dated September 2, 2021, by and between
            Axcella Health Inc. and SLR Investment Corp.
            The cover page from this Current Report on Form 8-K, formatted as
   104      Inline XBRL



† Portions of this exhibit (indicated by asterisks) will be omitted in accordance with

with the rules of SECOND.

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PRMI names Sless Group its center dedicated to reverse mortgages https://californiasunsetteam.com/prmi-names-sless-group-its-center-dedicated-to-reverse-mortgages/ https://californiasunsetteam.com/prmi-names-sless-group-its-center-dedicated-to-reverse-mortgages/#respond Tue, 07 Sep 2021 20:05:10 +0000 https://californiasunsetteam.com/prmi-names-sless-group-its-center-dedicated-to-reverse-mortgages/ The Steven J. Sless group of Primary Residential Mortgage (PRMI), the retail branch of the lender focused solely on reverse mortgages in Owings Mills, Md., Has been named the PRMI organization’s dedicated center for creating reverse mortgage products, according to a company announcement and an interview with the namesake and division president. The move marks […]]]>

The Steven J. Sless group of Primary Residential Mortgage (PRMI), the retail branch of the lender focused solely on reverse mortgages in Owings Mills, Md., Has been named the PRMI organization’s dedicated center for creating reverse mortgage products, according to a company announcement and an interview with the namesake and division president. The move marks a demonstration of confidence in the PRMI division as it continues to grow in the reverse mortgage business.

Part of the reasoning behind this new designation for the Sless Group is due to PRMI’s ambition to become one of the leading reverse mortgage lenders, according to a statement by a business executive. RMD spoke with Division President Steven Sless for more information on what this decision will mean for the PRMI division and organization and the further development of its reverse mortgage business.

Increased confidence and recent movements

The designation of the Sless Group as the dedicated reverse mortgage center of the PRMI organization comes after a series of additional steps by the lender and the division itself. After being first established in the summer of 2019, shortly after Sless joined PRMI in the spring, the next two years would see steady growth in reverse mortgage origination for the lender, further aided by favorable winds. industry events that took place during the early days of the COVID-19 Coronavirus pandemic.

Steven sless

This culminated earlier this year with an expansion for the Sless Group from its main office in Maryland to one based in San Diego, Calif., Led by reverse mortgage professional Christina Harmes Hika, who has been appointed regional manager. from the San Diego branch in March. .

The move reinforces the value the lender sees in the Sless Group and its only dedication to the reverse mortgage product, according to Steven Sless.

“During my two and a half years here at PRMI, I have seen firsthand how committed this organization is to the reverse market,” Sless told RMD. “They have made significant financial, personnel and infrastructure commitments to become one of the nation’s leading lenders. I believe this movement says more than anything is that PRMI believes the Sless Group is the team to carry this initiative forward for many years to come.

This commitment is further reinforced by PRMI’s point of view on the Sless group, according to an executive at the lender.

“PRMI shares the Sless Group’s commitment to be successful in reverse mortgages, and we believe this partnership has enabled our organization to become one of the nation’s leading reverse mortgage lenders,” said the President of PRMI Retail Chris Jones in a statement about the decision.

The data also shows that in the last few years since the incorporation of the Sless Group, PRMI’s numbers in reverse mortgage endorsement volume have improved. In 2018, the lender registered 92 loans before increasing to 133 in 2019. In 2020, PRMI registered 234 reverse mortgages and is on track to meet or exceed that number in 2021, according to data shared with RMD by Reverse Market Insight (RMI).

Bandwidth, communication with other LO PRMIs

In addition to following through on the division’s plans to further support PRMI’s reverse operations, this is a designation and arrangement that should help streamline communication between Reverse Mortgage staff at Sless Group and the existing body of PRMI loan officers, Sless said. .

“Our biggest problem to solve right now is bandwidth,” says Sless. “We have just hired a new processor and will be looking to make more strategic hires in the near future to help better serve our branch partners. The Sless group is now leading communication efforts with over 1,500 PRMI traditional / hybrid loan originators. We communicate with them through webinars, live and on-demand training sessions, our reverse lending scenario office and through regular video communication.

Additionally, this decision will also add to the overall reverse mortgage infrastructure and framework for PRMI, and existing PRMI loan officers who may be interested in reverse lending will have a more direct path to finding the support they want. might need to navigate the business.

Christina harmes hika

“This move assures all LO PRMIs that they have robust reverse support in all aspects of the business,” says Sless. “PRMI’s term mortgage business is 70% based on buying in normal times outside of the current refi boom. I think there is an incredible opportunity to leverage the existing relationships with real estate agents in our organization, and we are poised to become one of the best HECM operations for buying in a short period of time.

In general, the move was also organic due to the volume of reverse mortgages that the Sless Group can be credited with in PRMI’s total reverse mortgage portfolio, Sless says.

“The Sless group has accounted for the vast majority of PRMI’s reverse volume since joining the company in mid-2019,” says Sless. “As we organically began to help other branches and initiators of PRMI, I think it became clear to the board that it made sense to make it official and designate the Sless group as the official center of repayment for the whole of PRMI and to install myself as Division President and leader of the reverse channel for the organization.

The potential for all PRMI loan officers to benefit from the decision is present, Sless says, because of the dedicated support the division can provide to those looking to become certified as reverse mortgage originators; a decision that may seem prudent given the general performance of reverse mortgages relative to that of term loans recently.

“Our [division] actively coordinates all aspects of PRMI’s reverse mortgage operations including sales management, loan support, scenario office, technology, investor negotiations, recruiting and more, ”said Sless . “We are a partner in the reverse success of each PRMI initiator. “

Part of the plan, board of directors

This is in line with what Sless told RMD during the division’s initial launch in 2019.

“The long term plan is to create a network of exclusive and direct reverse branch branches for consumers under the Steven J. Sless group umbrella while continuing the ongoing efforts to encourage our initiators to educate their referral partners on the merits. reverse product, ”Sless told RMD after opening the retail reverse mortgage branch for the first time that summer, more than two years ago.

Sless also credits the rest of the group’s management team for much of the success of the entire division.

“I think it’s important to point out that the Sless group is made up of a board of directors: George Morales, Christina Harmes-Hika, Andrew Parker and Brandy Nickoles,” says Sless. “The OLs under the aegis of the Sless group will continue to be actively created as they are doing now. This decision concerns more the involvement of the board of directors and my promotion to the position of division president.

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Stellantis buys subprime lender to set up financing arm https://californiasunsetteam.com/stellantis-buys-subprime-lender-to-set-up-financing-arm/ https://californiasunsetteam.com/stellantis-buys-subprime-lender-to-set-up-financing-arm/#respond Tue, 07 Sep 2021 19:14:00 +0000 https://californiasunsetteam.com/stellantis-buys-subprime-lender-to-set-up-financing-arm/ Picture: Jeff Kowalsky / Getty (Getty Images) Stellantis will soon have its own financial arm after years of being the only major American automaker without a. Bloomberg reports that the company pays $ 285 million for First Investors Financial Services Group, a Houston-based auto lender. The company will pay the $ 285 million to an […]]]>

Image of article titled Stellantis will finally get its own financial arm

Picture: Jeff Kowalsky / Getty (Getty Images)

Stellantis will soon have its own financial arm after years of being the only major American automaker without a. Bloomberg reports that the company pays $ 285 million for First Investors Financial Services Group, a Houston-based auto lender.

The company will pay the $ 285 million to an investment group and the deal is expected to be completed by the end of the year. Stellantis CEO Carlos Tavares called the deal “an important step that will increase profits.”

“Direct ownership of a finance company in the United States is a white space opportunity that will allow Stellantis to provide our customers and dealers with a full range of financing options,” Tavares said in the statement Wednesday.

The move puts Stellantis the loan partnership with Santander is called into question. In 2013, just before Chrysler merged with Fiat to form FCA, Chrysler partnered with Santander Consumer to form Chrysler capital, which has since been the sole financial arm of the company. But when the merger was completed and FCA got a new CEO in Sergio Marchionne, he had other ideas for a loan branch. Of Automotive News:

Fiat Chrysler tried several years ago to pursue a different financial services strategy. Then-CEO Sergio Marchionne announced in June 2018 that the automaker intended to start a captive finance company either by acquiring Chrysler Capital or another company or by building one from scratch. The automaker abandoned that effort after Marchionne’s sudden death that year and chose to keep its deal with Santander.

From now on, Chrysler Capital will continue to operate and Santander says it will keep the conversations going on other opportunities beyond 2023.

Santander is known as one of the largest subprime lenders in the industry. Now, Stellantis is entering a partnership with First IInvestors Financial, a company that not only deals with subprime loans, but doesn’t exactly have a starr the story. We’ll see if the move leads to additional risky loans.

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