Lender – A Pair Of http://apairof.com/ Tue, 22 Nov 2022 18:46:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://apairof.com/wp-content/uploads/2021/10/icon-33-120x120.png Lender – A Pair Of http://apairof.com/ 32 32 Why this small lender is running straight into the fire of non-QMs https://apairof.com/why-this-small-lender-is-running-straight-into-the-fire-of-non-qms/ Mon, 21 Nov 2022 21:32:11 +0000 https://apairof.com/why-this-small-lender-is-running-straight-into-the-fire-of-non-qms/ Amid soaring rates, falling volumes and reduced investor appetite in the secondary market, there are growing casualties in the mortgage industry, particularly in the riskier non-QM segment. First Guaranty Mortgage Company. (FGMC), controlled by a global investment management firm PIMCO, filed for Chapter 11 bankruptcy protection in June. by Michael Strauss Sprout Mortgage closed in […]]]>

Amid soaring rates, falling volumes and reduced investor appetite in the secondary market, there are growing casualties in the mortgage industry, particularly in the riskier non-QM segment.

First Guaranty Mortgage Company. (FGMC), controlled by a global investment management firm PIMCO, filed for Chapter 11 bankruptcy protection in June. by Michael Strauss Sprout Mortgage closed in July, laying off its staff without paying salaries and severance. Meanwhile, Athas Capital Group terminate its activities and Impac Mortgages back the product.

But just as more companies are turning away from non-QM products, a Colorado-based lender decided to launch a new division to cater to this market. The question is: why?

Capital Stronghill – a low-balance commercial lender owned by the over $20 billion asset management company ArrowMark Partners – announced last week that it had launched a new residential lending division to provide borrowers with non-QM products, non-agency jumbos and investor programs.

“It probably seems very counter-intuitive when companies are running from the flames of fire, to see a company like ours announce that we’re going full-throttle into the fire,” Dustin Wells, newly appointed co-chairman of Stronghill Capital , told Housingwire.

Stronghill, however, is no stranger to the investor and non-agency lending space.

The company sells loans through brokers to clients – typically LLCs, C-bodies or S-bodies – to acquire residential real estate for business and investment purposes. Now business owners can also apply for a mortgage as an individual.

“So, for example, if I’m a business owner working with a brokerage to buy five investment properties that I’m going to invest in my LLC, but I also want to buy a new primary residence or vacation home, now we can be that one-stop-shop for that client,” he explained.

According to Wells, Stronghill provides around $500 million a year to property investors, employing around 30 staff, and has “trusted partnerships with warehouse providers in the space to provide credit facilities to finance loans on an ongoing basis”.

With rates soaring, lenders are struggling to sell older lower-rate loans issued months ago in the secondary market as investors seek higher yields. This liquidity issue has caused non-QM lenders to implode, but Wells said entering the market now, Stronghill “thankfully doesn’t have any legacy issues like those companies”.

The company, which operates in delegated and non-delegated wholesale and correspondent channels, will outsource most of the back office work for the new division.

Wells said Stronghill does not compete with aggressively priced wholesale lenders, such as United Wholesale Mortgage Where Attachment point. He said Stronghill brokers deal with more “esoteric” cases, whereas these companies are “built on scalability through simplicity.” Therefore, Haven Deep and Angel Oak would be the natural competitors.

Stronghill has licenses in five states for the new division – Arizona, Colorado, Florida, South Carolina and Texas – but is working to obtain 44 licenses in total.

Looking ahead, Wells said the new division will grow based on, among other things, the Federal Reserve funds rate.

“We say somewhere between $400 million and $500 million is our projection for residential consumer space heading into next year. And then depending on how things go in 2023, we could see exponential growth into 2024,” Wells said.

Despite higher rates, Wells said borrowers are considering purchase loans because there is currently less competition for homes compared to the past two years.

“Now you may be paying a higher rate, but you are able to negotiate on these properties and you can get a lower rate in the future,” he said. “But right now, the goal is: can I get the house at the right price, whereas before, was I going to pay too much?”

]]>
Crypto Lender Genesis Contagion Continues Coinspeaker https://apairof.com/crypto-lender-genesis-contagion-continues-coinspeaker/ Sat, 19 Nov 2022 08:00:00 +0000 https://apairof.com/crypto-lender-genesis-contagion-continues-coinspeaker/ The following is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine premium markets newsletter. To be among the first to receive this information and other on-chain bitcoin market analysis straight to your inbox, Subscribe now. Genesis seeks cash injection If you are unfamiliar with Genesis Trading, maybe you should. They represent […]]]>

The following is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine premium markets newsletter. To be among the first to receive this information and other on-chain bitcoin market analysis straight to your inbox, Subscribe now.

Genesis seeks cash injection

If you are unfamiliar with Genesis Trading, maybe you should. They represent the basic infrastructure of the institutional investor base in the bitcoin and broader crypto markets. For lending, trading, hedging, exchange yields and more, Genesis Trading was the brokerage to facilitate all of this activity in the space. Remember those juicy returns from BlockFi and Gemini Earn products in space? Genesis is the intermediary between these platforms and hedge funds to generate this return.

]]>
Newrez and Shelter Mortgage Announce New Joint Venture Lender Carnegie Mortgage Partners https://apairof.com/newrez-and-shelter-mortgage-announce-new-joint-venture-lender-carnegie-mortgage-partners/ Wed, 16 Nov 2022 22:00:00 +0000 https://apairof.com/newrez-and-shelter-mortgage-announce-new-joint-venture-lender-carnegie-mortgage-partners/ FORT WASHINGTON, Pa.–(BUSINESS WIRE)–Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, today announced the formation of its newest joint venture mortgage company, Carnegie Mortgage Partners, LLC ( “Carnegie Mortgage Partners”), in partnership with Keller Williams Bergen County Partners. “The alliance with Newrez, one of the nation’s leading mortgage lenders and loan […]]]>

FORT WASHINGTON, Pa.–(BUSINESS WIRE)–Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, today announced the formation of its newest joint venture mortgage company, Carnegie Mortgage Partners, LLC ( “Carnegie Mortgage Partners”), in partnership with Keller Williams Bergen County Partners.

The alliance with Newrez, one of the nation’s leading mortgage lenders and loan servicers, will allow Carnegie Mortgage Partners to improve the customer experience in monumental ways,” said Mike Blasius, future president of Carnegie Mortgage Partners. “Joining forces with Keller Williams Bergen County Partners offers tremendous growth potential and I look forward to building a team to rapidly scale the business and realize that growth.

Specializing in home purchase mortgages, Carnegie Mortgage Partners is headquartered in Oradell, New Jersey, and will focus on serving borrowers statewide.

We are thrilled to partner with Newrez as their vision, and more importantly, their values ​​are a perfect match with ours,” said Al Donohue, COO of Bergen County Partners. “We believe that integrating mortgage operations will allow us to provide a one-stop shop that will provide an enhanced experience for our agents and their clients. »

The launch of Carnegie Mortgage Partners marks a significant milestone for Newrez, making its 20e joint venture partnership under the portfolio of Newrez Ventures LLC, formerly known as Shelter Mortgage, the business division of Newrez focused on joint venture lending.

Carnegie Mortgage Partners’ unwavering commitment to continued growth and exceeding client expectations aligns perfectly with the Newrez way,” said Randy Vanden Houten, Senior Vice President of Joint Ventures and Retail Lending at Newrez. “We look forward to working with such a strong and experienced partner.

For more information on the Newrez Ventures LLC joint venture platform, please contact Randy.VandenHouten@sheltermortgage.com or visit newrez.com.

About Newrez

Newrez is a leading mortgage company that combines mortgage origination and service to deliver a customer-first journey and help our customers take smart action throughout the life of their mortgages. Differentiated by its origination platform, the Company offers its clients unparalleled lending options to purchase and refinance. Its business services service on behalf of Newrez clients and includes a third-party service brand, Shellpoint Mortgage Servicing. Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the Rithm Capital Corp family.

About Newrez Ventures LLC

Newrez Ventures LLC is a leading retail residential mortgage originator, primarily focused on conforming purchase money loans generated through relationships with real estate agents, builders and relocation companies. Founded in 1984 as a subsidiary of a community bank, Newrez Ventures LLC joined the Newrez family of companies in 2014. The company has loan officers across the country with joint venture and partnership relationships in more than 30 states. Newrez Ventures LLC has built a strong platform through its differentiated partnership-based origination model, focus on origination of buyout funds, and compliance-driven culture.

About Keller Williams Bergen County Partners

Headquartered in Bergen County with key offices located in Ridgewood, Woodcliff Lake, Tenafly, Fort Lee and Rutherford, Keller Williams Bergen County Partners is a real estate company whose primary goal is to improve people’s lives. Rooted in the core values ​​of learning, servant leadership and teamwork, BCP is a group of Top KW real estate offices that operate as one big family/team united in pursuit of this mission. With gross sales of over $3 billion in 2021, BCP continues to succeed through its commitment to its values.

]]>
What do borrowers expect from the lender’s analysis? https://apairof.com/what-do-borrowers-expect-from-the-lenders-analysis/ Sat, 12 Nov 2022 05:47:56 +0000 https://apairof.com/what-do-borrowers-expect-from-the-lenders-analysis/ Lendsqr, a lending as a service company, providing over 1,000 lenders with the data and technology needed to successfully run a lending business, wanted to know what borrowers really want from lenders. To this end, Lendsqr conducted a survey of borrowers; the results of which are contained and explained in this article. The goal is […]]]>

Lendsqr, a lending as a service company, providing over 1,000 lenders with the data and technology needed to successfully run a lending business, wanted to know what borrowers really want from lenders. To this end, Lendsqr conducted a survey of borrowers; the results of which are contained and explained in this article. The goal is to help lenders understand how best to meet the needs of the borrowers they serve.

Methodology

This survey was conducted online in Nigeria between August 7-8, 2022 by the Lendsqr Growth team. The survey had a total of 3,685 Nigerian respondents; adults 18 and over. This sample was mainly made up of regular borrowers from lenders on the Lendsqr platform who had applied for loans in the past few months.

The composition of the sample population used for the survey has been structured to reflect demographic characteristics that match those of the general Nigerian population. 61.5% of our respondents are single, and 36.8% married. 90% of respondents are involved in some form of employment, with more than 90% win below N300,000 per month.

The news continues after this announcement




The results of our investigation

At the end of the survey, we dove in to analyze the results and found some interesting results:

Short term financial goals

The majority revolves around creating and expanding businesses; 44% of respondents want to develop their current activity, while another 40% want to own a business. 37% want to generate multiple sources of income, while 25% want to take investment portfolios. Surprisingly, only ten% said they left Nigeria as part of their short-term plan.

The news continues after this announcement


Among the respondent categories, respondents outside of Lagos and Abuja highlighted grow and grow their own business as the main short-term objective; while Millennials and Gen Z are given prominence have and develop their own business as the main short-term objective.

Knowledge and use of financial institutions

In our assessment of the type of financial institution Nigerians prefer to turn to for their lending needs, digital lenders accounted for the highest proportion in our survey. 35% responded that they took their last loan from digital lenders, while 23% and 18.6% took out loans from microfinance banks and commercial banks respectively. In addition, 10.8% of respondents borrow from informal lenders (Ajo and Cooperatives).

Full-employment respondents indicated that commercial banks were the primary financial institution they took loans from, as opposed to digital lenders which were more dominant with self-employed and student borrowers. These results are consistent with the reality that commercial banks are more likely to benefit from established relationships with borrowers through their employers.

However, through active prospecting and engagement, digital lenders can foster greater penetration among employees. 25 – 34 users.

Reasons for taking out loans

The majority of borrowers said they took out loans to meet their short-term cash flow needs and grow their business (47.6% and 34.8% respectively). This was followed by 22.5% who have registered starting a new business and medical reasons for taking out loans. 17.8% said they took out loans to deal with medical emergencies.

With 11.8% of the respondents highlighting the payment of tuition fees, we found that there is an opportunity for lenders, especially small lenders, to enter and serve the important education finance market in Nigeria, which is currently underserved.

Only 2.1% and 1.4% of respondents said they had taken out loans to buy a house and a car respectively.

Respondents who indicated having financial dependents also indicated make up for the immediate cash shortfall and expand their business as the main reason for taking out loans; including their additional responsibilities.

Lending Challenges

The results showed that 59% of respondents highlighted high interest rates as their biggest challenge in getting loans. This was followed by 42.6% people put off by loan application requirements, while 27.6% of respondents find the risk of taking on debt more difficult.

This introduces a possible hypothesis that Nigerians will take more loans if loan interest rates are more affordable.

36.6% of respondents highlighted fear of being embarrassed and harassed by lenders as a barrier to taking out a loan. This can be partly attributed to recent unethical loan collection actions taken by lenders to force repayment from defaulting borrowers; especially sending defamatory messages to friends and family of those who have defaulted on their loans.

Personal details for rating / underwriting

Only 49% of respondents said they were willing to share their bank statement, while an even smaller percentage 33.5% showed their willingness to share their salary details. These results pale in comparison to approximately 69% respondents who would gladly share their home address with lenders. Are borrowers really concerned about the security of their personal data or are they just reluctant to share their true financial situation to allow lenders to make more informed risk underwriting decisions? Perhaps these two truths can coexist.

Contrary to the general attitude towards financial disclosure, respondents under 34 were more willing to share their job and salary details, with 68.9% indicating a desire in this age group. This highlights the age group’s greater affinity for actively participating in a credit system that assesses their creditworthiness on a revolving basis.

Main qualities expected of lenders

Respondents identified interest rates, speed and security as the top three qualities they look for in a lender, 65%, 53%and 45% respondents respectively. Agent-led onboarding ranks lower than a digital-led experience (4% at 17%) as a preference for borrowers, highlighting a greater affinity for digital interactions.

Borrowers want to pay reasonable fees and a convenient borrowing experience, as indicated by 36% and 34% of respondents who highlighted fees and customer experience, respectively, as the top qualities they consider when making a decision about their potential lender.

Lender brand and longevity rank surprisingly low on the list of qualities borrowers prioritize when selecting a lender to 13% each. Without neglecting the importance of their brand, new lenders can focus on more financial qualities (interest rates, fees and charges) while looking to create traction in the market.

18% of respondents highlighted the presence of financial coaching as a decisive factor for them in choosing a lender. There is room for improving financial literacy in Nigeria and lenders can invest in building learning resources for borrowers to gain their confidence.

Favorite channels

About 76% of respondents indicated their preference for taking out loans via mobile applications. The next preferred channel was the web app (13%); followed by 8% and 3% respondents who prefer to obtain loans from a branch (physical office) and agents respectively. The overwhelming preference for digital channels positions them as a priority for lenders in engaging their customers. Lenders can penetrate deeper into the borrower market by expanding their loan distribution channels.

Lending is more nuanced than just giving loans to anyone who wants a loan. Lendsqr is on a mission to provide lenders with what they need to succeed. This includes knowledge and expertise. You can contact growth@lendsqr.com for more information on the results of this survey and Lendsqr’s solutions.

]]>
Brazilian lender Itau’s higher earnings slightly beat bad debt provisions forecast https://apairof.com/brazilian-lender-itaus-higher-earnings-slightly-beat-bad-debt-provisions-forecast/ Thu, 10 Nov 2022 21:50:00 +0000 https://apairof.com/brazilian-lender-itaus-higher-earnings-slightly-beat-bad-debt-provisions-forecast/ SAO PAULO, Nov 10 (Reuters) – Brazilian lender Itau Unibanco SA (ITUB4.SA) posted a 19% jump in its recurring net profit on Thursday, which nevertheless landed slightly below expectations as it raised provisions for bad debts in a context of rising interest rates. Latin America’s largest bank reported third-quarter recurring net profit of 8.08 billion […]]]>

SAO PAULO, Nov 10 (Reuters) – Brazilian lender Itau Unibanco SA (ITUB4.SA) posted a 19% jump in its recurring net profit on Thursday, which nevertheless landed slightly below expectations as it raised provisions for bad debts in a context of rising interest rates.

Latin America’s largest bank reported third-quarter recurring net profit of 8.08 billion reais ($1.51 billion). Analysts polled by Refinitiv had expected a profit of 8.11 billion reais.

High interest rates prompted Itau to increase the provisions it has set aside for bad debts by 49.8% to 8.27 billion reais, in line with actions taken by fellow Brazilian lenders Bradesco SA (BBDC4.SA ) and Santander Brasil SA.

Unlike its peers, Itau did not raise its 2022 forecast for loan loss provisions.

Chief Financial Officer Alexsandro Broedel said in a statement that the quarterly results reflect “the strength and consistency of our performance over time, across different business lines.”

The net interest income (NII) of its customers jumped 33% compared to the previous year to reach 23.38 billion reais.

The NII it earned in the market, however, fell 73.2% to 516 million reais, he said, citing a larger personal loan portfolio.

Itau reported a 90-day default rate of 2.8% at the end of September, surpassing 2.7% in the previous quarter, but at a much slower pace than its peers.

($1 = 5.3665 reais)

Reporting by Peter Frontini; Editing by Sarah Morland

Our standards: The Thomson Reuters Trust Principles.

]]>
Lender Files Cases to Seize Shuttered Wagner Hotel – Trade Observer https://apairof.com/lender-files-cases-to-seize-shuttered-wagner-hotel-trade-observer/ Fri, 04 Nov 2022 21:49:25 +0000 https://apairof.com/lender-files-cases-to-seize-shuttered-wagner-hotel-trade-observer/ Trouble is piling up for owners of The wagnera section hotel in Battery Park City. The lender of the property, Westbrook Partnerssued the hotel owner Howard Wuhis partner Taylor Woods and companies related to their business, Urban commonsfor allegedly defaulting on a $96 million loan Westbrook made to The Wagner in 2018, according to a […]]]>

Trouble is piling up for owners of The wagnera section hotel in Battery Park City.

The lender of the property, Westbrook Partnerssued the hotel owner Howard Wuhis partner Taylor Woods and companies related to their business, Urban commonsfor allegedly defaulting on a $96 million loan Westbrook made to The Wagner in 2018, according to a lawsuit filed in New York County Supreme Court Thursday.

Westbrook claimed the duo and Urban Commons defaulted on the loan in 2020 and want to force the sale of the hotel to get their money back before Wu and Woods pay off one of their other debts.

Westbrook, his attorneys and Urban Commons did not immediately respond to requests for comment. lawyer for urban municipalities, Derek Wolman, declined to comment. The suit was first reported by Crain’s New York Business.

Urban Commons purchased the 298-room hotel from 2 West Street for $147 million in October 2018 from Millennium Partners and Westbrook, with Westbrook loaning $96 million to partially fund the purchase.

The Wagner operated under the Ritz-Carlton Hotel brand until 2017 when its former owners obtained Highgate Hotels as the new operator, much to the anger of the resort’s residents, who claimed to have been promised apartments above five star accommodation.

But Wu and Woods had big plans to convert the hotel, which is located on the lowest 12 floors of the 38th floor. Millenium Point Condominiuminto a luxury hotel destination and earn a pretty penny, according to a separate lawsuit the company filed in New York County Supreme Court in May.

Their plans were derailed after the pandemic and they were forced to close the hotel in April 2020. While New York’s hospitality industry has recovered somewhat, The Wagner did not. A Friday phone call to The Wagner went straight to a voicemail saying The Wagner was ‘temporarily closed’. A phone call to another number was not returned.

The Urban Commons loan matured seven months after the closing, and the company failed to repay it, Westbrook said in court documents. The lender argued it should be paid before Urban Commons repays its other creditors, which include a building maintenance company, a consultant and an elevator engineer.

Urban Commons, however, blamed the Battery Park Municipal Authority (BPCA) for its financial difficulties.

The Wagner sits on land owned by the BCPA. In a lawsuit in May, Urban Commons claimed the BCPA delayed the process of finding a new hotel operator after Highgate decided to vacate the building in August 2020.

As a result, Urban Commons “bleds millions in cash a year” to retain ownership, the company claimed in its lawsuit.

The BPCA declined to comment.

Meanwhile, Highgate litigated in California bankruptcy court that Urban Commons had failed to honor a contract requiring it to cover Highgate’s operating expenses at the Wagner. Separately, Wu, Woods and Urban Commons have also been sued for allegedly defrauding an investor and keeping his million dollars intended to buy 18 struggling hotels after the deal fell through, The real deal reported.

Urban Commons was accused of pocketing $2.4 million from COVID-19 relief loan intended to pay its employees queen mary ship in Long Beach, California, the Los Angeles Times reported.

Celia Young can be contacted at cyoung@commercialobserver.com.

]]>
Metro Bank shares rise as lender returns to profit https://apairof.com/metro-bank-shares-rise-as-lender-returns-to-profit/ Wed, 02 Nov 2022 12:06:32 +0000 https://apairof.com/metro-bank-shares-rise-as-lender-returns-to-profit/ Metro Bank shares soar as it returns to profit and says it has seen no signs of heightened stress for customers Metro Bank shares jumped more than 13% after the group’s update today The lender returned to profit in September and enjoys higher margins By Jane Denton for Thisismoney Published: 8:06 a.m. EDT, November 2, […]]]>

Metro Bank shares soar as it returns to profit and says it has seen no signs of heightened stress for customers

  • Metro Bank shares jumped more than 13% after the group’s update today
  • The lender returned to profit in September and enjoys higher margins

Metro Bank shares hit a double-digit spike today after the group announced it had returned to profit in September.

As the UK languishes in a cost of living crisis, the bank said it strengthened its results after benefiting from higher margins and focusing on cost discipline.

For the third quarter, Metro Bank reported a 17 basis point increase in net interest margins from the prior three months to 1.98%.

Back in the black: Metro Bank announced it returned to profit in September

“Active balance sheet management and prevailing interest rates supported the NIM’s outflow of 2.04%,” the group said.

Daniel Frumkin, the boss of Metro Bank, stressed that the return to profitability was both underlying and statutory, attributing it to a “supportive” interest rate environment, as well as a strict control of the costs and risks.

He said: “While we remain alert to economic conditions and continue to closely monitor our credit metrics, our portfolio remains healthy.”

Metro Bank shares rose 13.77% or 10.02p to 82.82p this morning but the lender’s share price has fallen more than 20% in the past year.

The bank’s loan-to-deposit ratio rose three percentage points in the period, from the previous quarter, to 78%, as loans rose 4% to £12.83bn.

On mortgages, Metro Bank said, “Residential mortgages and unsecured consumer lending increased, partially offset by government-backed loan repayments and reduced commercial real estate lending.”

Current and savings accounts continued to grow, with their share of the company’s deposit base rising to 96%, offset by a targeted reduction in higher-cost fixed-term deposits, the lender said.

Metro Bank incurred a charge of £10 million in the quarter related to probability-weighted estimates of credit losses.

But, he said, “There has been no deterioration in early warning indicators and no signs of stress or increased delinquency in the clientele.”

“Although given the macroeconomic environment, minimum regulatory capital requirements should be met without the need for market-dependent balance sheet measures.”

Last week Lloyds Banking Group, the UK’s biggest lender, revealed it had set aside £668m to cover third quarter loan losses.

Commenting on Metro Bank’s update, Russ Mould, chief investment officer at AJ Bell, said: ‘A long-awaited return to profits at Metro Bank comes after shareholders endured a world of pain for years.

“The company’s branch model, focus on customer service, and little quirks like free water and dog biscuits helped it make a big splash when it entered the market. British scholarship holder six and a half years ago.

“Ultimately, it couldn’t support that in terms of earnings and cash flow fundamentals. He still has to convince the market that he is now on a sustainable path.

Victoria Scholar, Head of Investments at Interactive Investor, said: ‘Investors are applauding Metro Bank’s upbeat trading statement this morning, as the Bank of England’s rate hike trajectory helps lift the challenger bank’s profitability.

“Despite macro-economic pressures from a looming recession and the cost of living crisis, the UK lender has painted a positive consumer picture, which appears to remain robust at least for now with little indication of defaults. for the moment.”

Advertising

]]>
MU Extension to Host Seminars for Agricultural Lenders | Agricultural News https://apairof.com/mu-extension-to-host-seminars-for-agricultural-lenders-agricultural-news/ Sun, 30 Oct 2022 14:15:00 +0000 https://apairof.com/mu-extension-to-host-seminars-for-agricultural-lenders-agricultural-news/ Soy Shutterstock The University of Missouri Extension will host eight regional seminars from November 4 through December 8 to educate agricultural lenders on four factors that will affect lending decisions and client success in 2023: commodity price outlook, current government policies and proposed, international trade and farmland values ​​and rental rates. “Uncertainty in agricultural markets […]]]>






Soy




The University of Missouri Extension will host eight regional seminars from November 4 through December 8 to educate agricultural lenders on four factors that will affect lending decisions and client success in 2023: commodity price outlook, current government policies and proposed, international trade and farmland values ​​and rental rates.

“Uncertainty in agricultural markets and policies was a main theme in 2022 and is expected to be a main theme in 2023,” said Ben Brown, agricultural economist at MU Extension. “Analysts at the University of Missouri’s Food and Agriculture Policy Research Institute have been busy trying to separate fact from fiction and shed light on many pressing issues related to the outlook for commodity prices. base and farm income of Missouri.”

]]>
Emirates NBD, Dubai’s largest lender, posts 51% rise in third-quarter net profit https://apairof.com/emirates-nbd-dubais-largest-lender-posts-51-rise-in-third-quarter-net-profit/ Thu, 27 Oct 2022 05:53:19 +0000 https://apairof.com/emirates-nbd-dubais-largest-lender-posts-51-rise-in-third-quarter-net-profit/ Emirates NBD, Dubai’s largest lender, reported a 25% year-on-year (YoY) increase in net profit on the back of strong loan growth and high interest rates. Its third-quarter net profit rose 51% year-on-year to AED3.8 billion, surpassing the equivalent of $1 billion, while net interest income rose 37%, driven by improving the composition of loans and […]]]>

Emirates NBD, Dubai’s largest lender, reported a 25% year-on-year (YoY) increase in net profit on the back of strong loan growth and high interest rates.

Its third-quarter net profit rose 51% year-on-year to AED3.8 billion, surpassing the equivalent of $1 billion, while net interest income rose 37%, driven by improving the composition of loans and deposits.

Net profit for the first nine months of the year reached AED9.1 billion ($2.4 billion), compared to AED7.3 billion in the same period last year and almost level earnings for the year 2021, the bank said in a stock market filing on Thursday.

“Group benefit [was] up 25% on strong growth in diversified revenue,” the bank said.

The bank said higher interest rates had passed through to margins, while loan growth was strong.

“[There was] strong new loans from retail and corporate customers,” the filing said.

Its unfunded revenue grew 83% year-on-year during the period, driven by higher activity that includes local and international card transactions.

Islamic Emirates

The bank’s subsidiary, Emirates Islamic, also recorded AED353.4 million in profit in the third quarter, compared to AED235.5 million year-on-year.

Total revenue for the quarter increased by 32% year-on-year to reach AED815 million. Net profit for the first nine months of 2022 increased 31% year-on-year to AED 1.054 billion, with total revenue for the period up 22% to AED 2.185 billion.

CEO Salah Mohammed Amin said the bank has seen improvements in retail, corporate and wholesale banking, with customer funding up 12% in the first nine months and its diversified deposit base of 16%.

(Reporting by Cleofe Maceda, with contributions by Imogen Lillywhite; editing by Seban Scaria)

Cleofe.maceda@lseg.com

]]>
Downing LLP agrees credit facility to support bridge lender Whitehall Capital https://apairof.com/downing-llp-agrees-credit-facility-to-support-bridge-lender-whitehall-capital/ Mon, 24 Oct 2022 16:17:01 +0000 https://apairof.com/downing-llp-agrees-credit-facility-to-support-bridge-lender-whitehall-capital/ Investment manager Downing LLP has agreed a credit facility with bridge lender Whitehall Capital to support growth. The facility will improve the security and flexibility of the company’s financing and enable it to provide stable and predictable returns at any stage of the economic cycle. The lender’s portfolio focuses on senior debt backed […]]]>

Investment manager Downing LLP has agreed a credit facility with bridge lender Whitehall Capital to support growth.

The facility will improve the security and flexibility of the company’s financing and enable it to provide stable and predictable returns at any stage of the economic cycle.

The lender’s portfolio focuses on senior debt backed by liquid, high-quality residential property as collateral.

The firm lends on individual properties and portfolios worth up to £20m, with a loan to value of up to 70% and for a period of up to 12 months.

Ian Allder, Head of Block Discounts at Downing LLP, said: “Downing is delighted to partner with Whitehall Capital. This relationship shows that we are committed to supporting key players in the bridge financing industry.

“Whitehall is an impressive company and its experienced team underwrite loans that offer good risk-adjusted returns. We very much look forward to working together.

Anthony Bodenstein, Managing Partner at Whitehall Capital, added: “This new line of financing increases our flexibility, which improves our competitive advantage and enables us to capture a greater share of the UK bridge market.

“We are delighted to be working with Downing, a highly regarded investment manager and wholesale funder.”

The bridging market is growing, increasing by nearly a third since the start of the pandemic.

New lenders including StreamBank and some lenders secured new funding including Mint Property Finance and Spring Finance.

Transition market participants said they expect the loan market to diversify as demand continues to rise.

]]>