Posted in home improvement loans

Customers Bancorp Discloses Healthy Credit Quality & Declining Loan Deferrals; Reiterates Financial Guidance

WEST READING, Pa.–(BUSINESS WIRE)–Over the last decade, Customers Bancorp and its principal subsidiary, Customers Bank (the “Bank”), have developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s multifamily, mortgage warehouse, and specialty finance lines of business, for example, are characterized by conservative underwriting standards and low loss rates. As a consequence of this emphasis, the Bank’s credit quality to-date has been healthy despite a highly adverse economic environment. Nonperforming assets increased slightly to $92.6 million at August 31, 2020 from $86.4 million at June 30, 2020 and are expected to fall below $80.0 million by quarter-end due to the anticipated sale of an investment CRE loan.

Further, we are pleased to disclose a sharp decline in loan deferrals since financial results for Q2 2020 were released. Excluding PPP loans, active deferments decreased to $439.0 million

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Posted in home improvement loans

More PPP loan questions after companies paid dividends, bought their own stock

Under the Small Business Administration rules, a PPP loan could be used only to meet payroll and pay mortgage interest, leases or utility bills. PPP loan recipients weren’t prohibited from paying investors with other funds, as long as the PPP funds were kept separate.

Still, some advocacy groups believe companies that had enough cash on hand to pay millions in dividends and stock purchases were unlikely to qualify for the PPP program, which was designed to assist troubled companies in keeping employees on the payroll during weeks when they were unable to do business because of pandemic-related lockdowns.

“The Trump administration wrote the PPP rules and sent billions of dollars to the well-resourced and well-connected rather than actual small businesses struggling during this public health and economic crisis,” said Kyle Herrig, president of an advocacy group called Accountable.US. “The fact that there was little transparency or accountability under this program

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Posted in home improvement loans

Kennedy Funding Closes $3 Million Land Loan for Portion of Former Murdock Village Site in Port Charlotte, Florida

ENGLEWOOD CLIFFS, N.J., Sept. 23, 2020 /PRNewswire/ — A long-promised commercial center in Port Charlotte, Florida, will soon be underway, thanks to Kennedy Funding.

The Englewood Cliffs, New Jersey-based direct private lender today announced the closing of a $3 million loan to Lost Lagoon Development for the acquisition of 101.46 acres of land located at 17512 Toledo Blade Boulevard in Port Charlotte.

Lost Lagoon Development purchased the property for $3.755 million – and Kennedy Funding closed the loan – at 80% of the purchase price.

“A commercial real estate loan at 80% loan-to-cost, particularly on raw land, is quite rare in the hard money space,” said Kevin Wolfer, CEO, Kennedy Funding. “Knowing the contract contained several contingencies for rezoning and site plan approvals significantly increased this property’s value and made this an extremely unusual and attractive arrangement. Once the borrower secured the approvals, we were able to quickly close.”

Arredondo

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Posted in home remodeling

Should I get a personal loan for home improvements?

A homeowner’s first instinct may be to get a home equity loan or line of credit when they need money for a home improvement project. But in some cases, a personal loan could be a better choice.



a wooden bench in front of a building: House deck under renovation


© tab62/Shutterstock
House deck under renovation

With a personal loan, you know your total borrowing costs at the time you take out the loan, and you’re borrowing a fixed amount for a certain number of years with a fixed interest rate. To determine whether or not you should get a personal loan for home improvements, consider your priorities when it comes to interest rates, secured versus unsecured borrowing and tax benefits.

Should I get a personal loan for home improvements?

A personal loan can be a great way to finance a small to mid-sized home improvement project, like new windows or a room makeover. Whether or not a personal loan is the right

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More loan money available to rebuild Kenosha businesses

MADISON, Wis. (AP) — The state is making more money available to help small businesses in Kenosha recover from damage during recent unrest over the police shooting of Jacob Blake, officials announced Wednesday.

Gov. Tony Evers and the Wisconsin Economic Development Corporation said another $3 million would be added to the previously-announced $1 million in no-interest loans for small businesses.

Kenosha Fire Chief Charles Leipzig recently told the Police and Fire Commission that damage from the violence that followed Blake’s shooting Aug. 23 has topped $11 million.

The 29-year-old Black man was left partially paralyzed after a white officer shot him seven times in the back as police tried to arrest him.

The shooting, which was recorded on video and seen widely on social media, sparked protests and violence in Kenosha, where roughly two dozen fires were set and numerous businesses were destroyed.

Prosecutors say 17-year-old Kyle Rittenhouse of Antioch,

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Posted in home improvement loans

Kennedy Funding Closes $3 Million Land Loan for Portion of Former Murdock Village Site in Port Charlotte, Florida | Nachricht

ENGLEWOOD CLIFFS, N.J., Sept. 23, 2020 /PRNewswire/ — A long-promised commercial center in Port Charlotte, Florida, will soon be underway, thanks to Kennedy Funding.

The Englewood Cliffs, New Jersey-based direct private lender today announced the closing of a $3 million loan to Lost Lagoon Development for the acquisition of 101.46 acres of land located at 17512 Toledo Blade Boulevard in Port Charlotte.

Lost Lagoon Development purchased the property for $3.755 million and Kennedy Funding closed the loan at80% of the purchase price.

“A commercial real estate loan at 80% loan-to-cost, particularly on raw land, is quite rare in the hard money space,” said Kevin Wolfer, CEO, Kennedy Funding. “Knowing the contract contained several contingencies for rezoning and site plan approvals significantly increased this property’s value and made this an extremely unusual and attractive arrangement. Once the borrower secured the approvals, we were able to

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Continue Reading Kennedy Funding Closes $3 Million Land Loan for Portion of Former Murdock Village Site in Port Charlotte, Florida | Nachricht
Posted in home remodeling

KNOWLEDGE CENTER: How to choose the right loan to remodel your home, make a large purchase or consolidate debt | Business

With so much talk around home buying and refinance rates driving the housing market this summer and fall, many want to capitalize on the low rates. Homeowners are choosing to make improvements to their existing houses to accommodate remote working and schooling, or other comforts to gain more living space.

There are great options for homeowners with projects of any size, from a small kitchen facelift to finishing basements or attics to make them livable areas. Other homeowners who have equity in their homes but don’t need to renovate may choose to consolidate debt or make a large purchase.

Are you looking to renovate your home? Happy with your home but interested in a boat, RV or debt consolidation?

Here are some financing options to consider.

Home Equity Loan

Looking for predictable, fixed payments and the flexibility to use your home’s equity in a variety of ways? If you answered

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Posted in home improvement loans

Care downgrades Repco Home Finance’s loan facilities, NCDs to AA-minus

Mumbai (Maharashtra) [India], September 19 (ANI): Care Ratings has revised the rating of Chennai-based Repco Home Finance’s long-term loan facilities and non-convertible debentures worth Rs 1,620 crore to AA-minus with stable outlook from AA with negative outlook.
The revision factors in moderation in the company’s asset quality parameters with increase in gross non-performing assets (GNPAs) from 2.95 per cent in March 2019 to 4.33 per cent in March this year.
Historically, the GNPA levels have remained higher in June and December quarters but remained lower during September and March quarters.
However, GNPA levels continued to remain high during FY20 at above 4.2 per cent in all the four quarters.

“It is worthwhile to note that GNPA level which had witnessed notable increase post-demonetisation is yet to show improvement and currently the GNPA level has further increased,” said Care.
GNPAs witnessed some improvement in June to 4 per cent but continue

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Posted in home improvement loans

Huntington recovery program gets nearly $1M loan guarantee | News

HUNTINGTON — The U.S. Department of Agriculture has invested nearly $1 million in a loan guarantee to expand sober living facilities in Huntington.

The Trump administration announced Tuesday that The Lifehouse Inc. was the recipient of a $930,000 loan via the USA Rural Development Business and Industry Loan Guarantee. The project is one of seven parts of a statewide investment of more than $22.1 million in business and industry loan guarantees.

The Lifehouse Inc. is a voluntary recovery program and sober living home that provides anyone recovering from substance use disorder a drug- and alcohol-free home.

Rocky Meadows, director of The Lifehouse Inc., said the loan has already been put to good use. The program used it to purchase a 21-unit apartment building located at 400 Washington Ave. that created 60 new men’s beds. Meadows said the apartment building provides a better setting and gives the men more space than

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Posted in home improvement loans

New funding expands Home HeadQuarters grant, loan programs for homeowners

Syracuse, N.Y. – Local officials today announced the expansion of grant and loan programs to help homeowners pay for repairs or renovations. The programs are administered by Home HeadQuarters, a nonprofit housing organization.

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Covid-19 emergency home repair grants: Bank of America is providing $100,000 to beef up this grant program, which provides income-eligible homeowners with up to $2,000 for emergency repairs such as replacing hot water tanks, repairing furnaces, and addressing other quality of life and safety issues. To qualify, you must have lost a job or substantial work hours because of the coronavirus pandemic. Home HeadQuarters said it already has more than 125 people on a waiting list.

Get more information here.

Solvay/Geddes home renovation loans: Homeowners throughout Geddes can now get loans of up to $25,000 for home renovations. The loans carry interest at 1% and are repayable over 10 years. They can be used for

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