The meeting convened at 1:00 PM at the Main office. Mrs. K. Didden - Chair, W. Pedas, R. Anderson and A. Didden were present. Messrs. J. Marchese, J. Karafa, C. Reddick, K. Arnold, R. McKinley, C. Heiges, Ms. Renee Aldrich, B. Gutierrez, E. Venegas and C. Steele also attended. T. Barnes and S. Venti attended by phone.
K. Didden called the meeting to order. The customer overdraft and the employee overdraft reports were reviewed and initialed. R. Anderson made a motion to waive the reading of the previous minutes from the May 9, 2017 and May 16, 2017 meetings. R. Aldrich noted a change for the May 16, 2017 minutes for New Letterman Associates loan fee should read 0.375% not .0375%. Upon motion made and seconded, the minutes were
…show more content…
R. McKinley presented the following bridge loan for review.
Ralph and Sharon Dietze (Borrowers) are requesting a $360,000 marketable securities secured bridge loan to facilitate the purchase of a new home in Arlington, VA. Securities to be pledged/hypothecated by former Virginia Commerce Bank and UBSI Director Peter Converse. Other details of the financing are as follows:
Term: 4 year
Rate: 4%; Interest only; A minimum curtailment of $150,000 on the first to occur of (1) Sale of home (18280 Buccaneer Terrace, Leesburg, VA); or, (2) one year from closing. Thereafter, the remaining loan balance shall be termed out over 4 years in an annual curtailment of $52,500 and the stock collateral can be partly released so that our collateral margin on the remaining loan balance and stock collateral shall maintain a max 70% LTV. $250 fee
LTV: 70% maximum; 58% based upon a $39/per share price as of 5/16/2017
Guarantors: Ralph and Sharon Dietze
After discussion, based on the cash flow from the Borrowers (sale of primary residence) and the liquidation of collateral, the Committee approved the bridge loan as submitted.
Next, R. McKinley and R. Aldrich presented the following new loan requests.
Century Theater, LLC (Borrower) was formed in 2009 for the sole purpose of holding the subject real estate. The borrower is owned 55% by Joel Kelty and 45% by Ilan Scharfstein. The term loan up to the lesser of $2,200,000 or 75% of the
We have a judgment against the borrower in the amount of $23,402. Dan Marchese and Elyse Marchese are the two guarantors, and are in process of a divorce. The judgment (plus post judgment interest) is expected to be satisfied from the closing of house by the end of October, 2015.
A second mortgage loan officer, Sarah Harris, agreed to a $450,000 mortgage for a 20-year period at 8% interest rate after appraisal based on an income approach using 10.9% capitalization rate. Although not certain of her judgment, she considered Alexander’s projected figures realistic, but required him to personally sign the note as additional protection to the bank against loss.
For Line 1 our group made the assumption that the $2,912,909 amount Jack listed in the client questionnaire included the $11,616 credit he gave his customers from interest earned on deposits held in escrow. For Line 6 we determined the interest that he should
In addition, Green Wolf Properties, LLC is seeking an interest rate of 2-5% if possible.
C. Logan Chullen, Benjamin B. Dunford, Ingo Angermeier, R. Wayne Boss, and Alan D. Boss
Edward Alexander has $80,000 of his own equity, which he hopes to leverage through investment in real estate. He found a 4-unit building on 19 Pickney St. in Boston. Our analysis showed he should obtain $450,000 through a 20-year mortgage at 8%, as was offered to him by Sarah Harris, in order to invest in this property.
I thought I would send you the Mariner Fireaarms Customer Financing information just in case Ms. Viator could not locate it. We serve many firearms retailers by making loans for customers with credit ratings all the way down to 570.
Baptist Health System, Inc. (“Baptist”) is soliciting proposals from select financial institutions to provide investment banking services. Baptist is contemplating advance refunding the Jacksonville Health Facilities Authority Hospital Revenue Bonds, Series 2007A (Baptist Medical Center Project) (the “Series 2007A Bonds”) through the issuance of tax-exempt bonds in the approximate aggregate principal amount of $65 million (the “Bonds”). Baptist would like to take advantage of the low fixed rates currently available in the market. Based on your firm’s reputation and/or previously-expressed interest in serving Baptist, your firm has been identified as a potential underwriter for the proposed Bonds.
Today’s “boomerang buyers” are a product of the housing market crash that began in 2006 and left millions of homeowners in negative equity situations. Home values nationwide plummeted 25-30% by January 2009 and an estimated 5.3 million people found themselves in a foreclosure or short sale situation between 2007 and 2013. Although current home prices remain 17% below peak 2006 levels, the real estate market is showing signs of recovery as evidenced in the upward trend of prices over the last three years [CoreLogic, 2014]. According to John Burns Real Estate Consulting, boomerang buyers who lost a home to short sale or foreclosure were projected to make up about 10% of all real estate sales in 2014. Returning boomerang buyers may now be faced with difficulty acquiring a loan due to their previous real estate history, damaged credit, or limited capital due to recent financial burdens. Despite the obstacles, there are feasible financing options that will help potential buyers achieve their goal of homeownership.
In February 2014, SFS EF AM committed to the Borrower’s $133.0 million Senior Secured Term Loan (the “Term Loan”). The Term Loan will fully amortize over by December 2028 under the P50 exceedance based energy output. At the end of August 2016, SFS F AM’s share of the Term Loan was $27.3 million. The Analyst notes that the Term Loan will fully amortize six months before the expiry of the 20-year wind energy purchase agreement (“WEPA”) with the Oklahoma Gas & Electric Co. (“OGE”) (A-/A1/A; SFS Equivalent Rating 3).
Arbor Commercial Mortgage, LLC (“Arbor”), national direct commercial real estate lender, announced in November that it funded six loans totaling nearly $30 million. Under the Fannie Mae DUS Small Loan, Freddie Mac Small Balance Loan, and FHA 223(f) programs, the mortgage company was able to secure the funding across multiple cities in Michigan -- with Vice President Mike Jehle of Arbor’s Oklahoma City office originating the loans.
With terms of 12 months, from two to four points may be levied. The LTV (loan to value) ratios tend not to be greater than 65 percent for properties that have been classified as commercial.
Flannery, Kent V., Andrew K. Balkansky, Gary M. Feinman, David C. Grove, J. Marcus, Elsa M. Redmond, Robert G. Reynolds, Robert J. Sharer, Charles S. Spencer, and Jason Yaeger
members: Brian T. Swette , Richard W . Boyce , David A. Brandon ,Ronald M .Dykes , Peter R. Formanek , Manuel Garcia , Sanjeev K. Mehra ,Stephen Pagliuca , Kneeland C. Youngblood .
For the purpose of this review, the following section has been broken down into the following three areas: