Mortgage

Saratoga Investment Corp. Announces Closing of Public Offering of Additional $125 Million 4.375% Notes Due 2026 with a Yield-to-Maturity of Approximately 4.1%

Retrieved on: 
Tuesday, July 20, 2021
Loans, Collateralized loan obligation, Mortgage

Purchasers paid accrued and unpaid interest on the Notes from March 10, 2021 up to, but not including, the date of delivery of the Notes.

Key Points: 
  • Purchasers paid accrued and unpaid interest on the Notes from March 10, 2021 up to, but not including, the date of delivery of the Notes.
  • Following the issuance of the Note, the outstanding aggregate principal amount of the Companys 4.375% notes due 2026 is $175 million.
  • Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing.
  • Saratoga Investment Corp. owns two SBIC-licensed subsidiaries and manages a $650 million collateralized loan obligation (the Saratoga CLO) fund.

Gantry Completes $2.1 Billion of Commercial Mortgages in First Half 2021

Retrieved on: 
Tuesday, July 20, 2021
Banking, Commercial Building & Real Estate, Construction & Property, Professional services, Mortgage, Money, Finance, Banking, Economy, Loans, Commercial mortgage, Corporate finance, Mortgage loan, Subprime mortgage crisis, Super jumbo mortgage

Gantry, the largest independent commercial mortgage banking firm in the U.S., has completed in excess of $2.1 billion of new commercial placements during the first half of 2021.

Key Points: 
  • Gantry, the largest independent commercial mortgage banking firm in the U.S., has completed in excess of $2.1 billion of new commercial placements during the first half of 2021.
  • This total reflects a highly favorable lending environment for borrowers across the spectrum of commercial real estate asset classes.
  • This has motivated a broad spectrum of lenders to prioritize commercial mortgage allocations, said Michael Heagerty, CFO and Principal with Gantry.
  • The resulting climate has provided the vast majority of commercial real estate owners with a variety of attractive financing options to refinance or acquire properties.

California Tops List of Most Popular States for Reverse Mortgages According to AAG

Retrieved on: 
Tuesday, July 20, 2021
Mortgage, Finance, Money, Old age, Reverse mortgage, Mortgage loan, Economy, Subprime mortgage crisis, Super jumbo mortgage, HomeEquity Bank

It's no surprise that California leads the list with the average home values increasing every year for the last five years.

Key Points: 
  • It's no surprise that California leads the list with the average home values increasing every year for the last five years.
  • Reverse mortgages have become increasingly popular in Colorado over the past few years as it has climbed from number five on the list in 2016, to number three in loan volume in 2020.
  • "While California has historically been a popular market for the reverse mortgages, we're starting to see greater adoption in many more states such as Colorado and Utah.
  • According to the National Reverse Mortgage Lenders Association (NRMLA), seniors now own over $8 trillion in home equity across the United States.

RMR Mortgage Trust Closes $19.7 Million First Mortgage Bridge Loan for the Acquisition of Laurel 42 Apartments in Portland, Oregon

Retrieved on: 
Tuesday, July 20, 2021
Professional services, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, Money, Finance, Loans, Mortgage, Financial services, Mortgage loan, Ocwen, Mortgage-backed security

RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $19.7 million first mortgage floating-rate bridge loan to finance the acquisition of Laurel 42, a 100-unit apartment building located at 4242 NE Halsey Street in Portland, Oregon.

Key Points: 
  • RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $19.7 million first mortgage floating-rate bridge loan to finance the acquisition of Laurel 42, a 100-unit apartment building located at 4242 NE Halsey Street in Portland, Oregon.
  • The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.
  • This loan further diversifies RMRMs investment portfolio and expands our loan book to nearly $300 million of committed capital.
  • RMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate.

Floify Joins Forces with LoanBeam to Provide Additional Loan Automation Solutions to Mortgage Professionals

Retrieved on: 
Tuesday, July 20, 2021
Money, Finance, Loans, Mortgage, Economy, Mortgage loan, Mortgage broker, Loan origination, Personal finance, Mortgage underwriting in the United States, Alt-A

"Floify is excited to integrate with the LoanBeam," said Floify CEO Dave Sims.

Key Points: 
  • "Floify is excited to integrate with the LoanBeam," said Floify CEO Dave Sims.
  • Floify is a digital mortgage automation and point-of-sale solution that streamlines the loan origination by providing a secure application, communication, and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders.
  • Lenders use Floify to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents, and close loans faster.
  • LoanBeam, a subsidiary of Navesink Mortgage Services, is a Dallas-based fintech company specializing in document conversion, data extraction and income calculation.

iHeartMedia, Inc. Announces Completion of Voluntary $250 Million Prepayment of Term Loan Facilities and Successful Repricing of Incremental Term Loan

Retrieved on: 
Monday, July 19, 2021
Music, General Entertainment, Other Entertainment, Entertainment, TV and Radio, Money, Finance, Loans, Financial services, Mortgage, Financial law, Term loan, Prepayment, Basis point, Prepayment of loan

The prepayment was applied to the Term Loan and the Incremental Term Loan on a pro-rata basis, resulting in $206 million being used to prepay the Term Loan and $44 million to prepay the Incremental Term Loan.

Key Points: 
  • The prepayment was applied to the Term Loan and the Incremental Term Loan on a pro-rata basis, resulting in $206 million being used to prepay the Term Loan and $44 million to prepay the Incremental Term Loan.
  • The interest rate on the remaining $402 million balance of the Incremental Term Loan was lowered by 100 basis points, including the impact of a 25 basis points LIBOR floor reduction.
  • The prepayment and the new rate are expected to save iHeartMedia approximately $13 million in interest expense on an annualized basis.
  • iHeartMedia, Inc. [Nasdaq: IHRT] is the leading audio media company in America, reaching over 250 million people each month.

RateGenius, AUTOPAY Merge as Main Operating Subsidiaries of New Company ‘The Savings Group’

Retrieved on: 
Monday, July 19, 2021
Mortgage, Personal finance, Refinancing

Upon closing this all-stock merger of equals, the two companies became operating units of The Savings Group, creating the most diversified consumer marketplace for automotive finance and refinance.

Key Points: 
  • Upon closing this all-stock merger of equals, the two companies became operating units of The Savings Group, creating the most diversified consumer marketplace for automotive finance and refinance.
  • The Savings Group will now employ more than 550 team members split between their existing office hubs in Austin and Denver.
  • AUTOPAY is a portfolio company of FM Capital, while RateGenius is a portfolio company of Tritium Partners.
  • The Savings Group, parent company of RateGenius and AUTOPAY, is the most diversified consumer marketplace for automotive finance, refinance and protection plans.

MeridianLink Announces Launch of Initial Public Offering

Retrieved on: 
Monday, July 19, 2021
Loans, Money, Finance, Mortgage industry of the United States, Economy, Loan origination, Mortgage loan, Underwriting, Mortgage

Costa Mesa, Calif., July 19, 2021 (GLOBE NEWSWIRE) -- Project Angel Parent, LLC (MeridianLink), parent company ofMeridianLink, Inc.,a cloud-based technology company that enables banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies to streamline loan decision making, loan origination, and customer collection workflows,today announcedthe launch of itsinitial public offeringof12,000,000shares ofitscommon stock.The offering consists of10,000,000shares offered byMeridianLinkand2,000,000shares to be sold by certain ofMeridianLinksexisting stockholders.

Key Points: 
  • Costa Mesa, Calif., July 19, 2021 (GLOBE NEWSWIRE) -- Project Angel Parent, LLC (MeridianLink), parent company ofMeridianLink, Inc.,a cloud-based technology company that enables banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies to streamline loan decision making, loan origination, and customer collection workflows,today announcedthe launch of itsinitial public offeringof12,000,000shares ofitscommon stock.The offering consists of10,000,000shares offered byMeridianLinkand2,000,000shares to be sold by certain ofMeridianLinksexisting stockholders.
  • In addition, theunderwriterswill havea 30-day option to purchaseup to an additional1,800,000shares from certain of the selling stockholders at the public offering price, less underwriting discounts and commissions.
  • The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol MLNK.
  • BofASecurities, Credit Suisse, and Barclays are acting as lead book-running managers for the offering.

Skillsoft Successfully Completes Debt Refinancing to Support Growth

Retrieved on: 
Monday, July 19, 2021
Education, Technology, Other Technology, Software, Other Education, Internet, Training, Finance, Money, Mortgage, Personal finance, Economy, Refinancing, Skillsoft, Debt

Skillsoft Corp. (NYSE: SKIL) (Skillsoft or the Company), a global leader in corporate digital learning, today announced it has successfully completed its previously announced debt refinancing.

Key Points: 
  • Skillsoft Corp. (NYSE: SKIL) (Skillsoft or the Company), a global leader in corporate digital learning, today announced it has successfully completed its previously announced debt refinancing.
  • This facility, along with cash on hand, will be used to refinance and repay the Companys existing term loan facilities, thereby reducing long-term debt by approximately $130 million.
  • Together, the refinancing and debt paydown will decrease the Companys annual interest payments by approximately $25 million.
  • As a result of the refinancing and debt paydown, the Company has $480 million of long-term debt outstanding.

South Africa Real Estate Activities Report 2021 - ResearchAndMarkets.com

Retrieved on: 
Monday, July 19, 2021
Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Financial economics, Mortgage, Real estate appraisal, Finance, Money, Valuation, Investment, Economy, Real estate valuation

The "Real Estate Activities in South Africa 2021" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Real Estate Activities in South Africa 2021" report has been added to ResearchAndMarkets.com's offering.
  • This report focuses on the real estate industry which comprises commercial, industrial and residential properties, as well as property development, property valuation and bond origination.
  • Real Estate Activities South Africa:
    The real estate sector has been significantly affected by the pandemic as listed property shares fell and the commercial property sector was struck by growing vacancies and a decrease in property valuations.
  • It is estimated that close to half of the South African listed property sector's investment earnings come from offshore.