Loans

PennyMac Mortgage Investment Trust Announces Proposed Private Placement of Exchangeable Senior Notes

Monday, March 1, 2021 - 9:11pm

PennyMac Mortgage Investment Trust (NYSE: PMT) (PMT or the Company) today announced that its indirect wholly-owned subsidiary, PennyMac Corp., plans to make a private offering of $200 million aggregate principal amount of its Exchangeable Senior Notes due 2026 (the Notes).

Key Points: 
  • PennyMac Mortgage Investment Trust (NYSE: PMT) (PMT or the Company) today announced that its indirect wholly-owned subsidiary, PennyMac Corp., plans to make a private offering of $200 million aggregate principal amount of its Exchangeable Senior Notes due 2026 (the Notes).
  • The Notes will be fully and unconditionally guaranteed by PMT and exchangeable for cash, PMTs common shares of beneficial interest (Common Shares) or a combination thereof, at PennyMac Corp.s election.
  • The Notes will be PennyMac Corp.s senior unsecured obligations and will rank equally with all of its present and future senior unsecured debt and senior to any future subordinated debt.
  • PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets.

KBRA Assigns Preliminary Ratings to Benchmark 2021-B24

Monday, March 1, 2021 - 8:33pm

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2021-B24, a $1.2 billion CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 71 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2021-B24, a $1.2 billion CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 71 properties.
  • The collateral properties are located throughout 52 MSAs, the largest three of which are New York (22.1%), Palm Beach County (10.8%), and Las Vegas (6.9%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 44.7% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

Associa Launches Associa Financial Solutions, Inc.

Monday, March 1, 2021 - 6:51pm

Dedicated to providing continuity during the lengthy loan process, Associa Financial Solutions was created to act as a liaison for community managers, boards, banks, and attorneys, providing timely results and frequent updates to all stakeholders.

Key Points: 
  • Dedicated to providing continuity during the lengthy loan process, Associa Financial Solutions was created to act as a liaison for community managers, boards, banks, and attorneys, providing timely results and frequent updates to all stakeholders.
  • Associa Financial Solutions helps users determine the appropriate lender, complete loan applications, collect supporting documents, submit loan application packages, secure legal opinions, facilitate the loan closing, and provide wire transfer training.
  • Associa Financial Solutions makes sure the loan request meets the specific project needs and communicates directly with construction teams, contractors, and community managers to discuss project funding.
  • Associa Financial Solutions has that expertise and is equipped to help communities find the most affordable and best option for their funding needs.

Freedom Mortgage Corporation Begins Accepting Submissions for Celebrate Freedom Award

Monday, March 1, 2021 - 5:23pm

MOUNT LAUREL, N.J., March 1, 2021 /PRNewswire/ -- Freedom Mortgage , one of the largest full-service mortgage companies and the #1 VA and #1 FHA (government-insured) lender in the U.S., began accepting submissions today for the second annual Freedom Mortgage Celebrate Freedom Award.

Key Points: 
  • MOUNT LAUREL, N.J., March 1, 2021 /PRNewswire/ -- Freedom Mortgage , one of the largest full-service mortgage companies and the #1 VA and #1 FHA (government-insured) lender in the U.S., began accepting submissions today for the second annual Freedom Mortgage Celebrate Freedom Award.
  • "At Freedom Mortgage, we have a tradition of giving back to the community and I'm proud we can return with the Celebrate Freedom Award for another year."
  • As an incentive to encourage submissions for the Celebrate Freedom Award, Freedom Mortgage will make a $5 donation to Feeding America for each of the first 600submissions, which is the equivalent of 30,000 meals.
  • For full contest rules and to enter the Freedom Mortgage Presents Celebrate Freedom Award contest, visit www.FreedomMortgage.com/Celebrate .

PHFA launches new, forgivable down payment and closing cost assistance loan

Monday, March 1, 2021 - 5:03pm

The loan will be used to assist homebuyers with their down payment and closing costs.

Key Points: 
  • The loan will be used to assist homebuyers with their down payment and closing costs.
  • "Experience shows that down payment and closing costs are two of the biggest barriers to homeownership that buyers face," said PHFA Executive Director and CEO Robin Wiessmann.
  • The K-FIT purchase assistance loan helps fulfill that mission by assisting low- and moderate-income renters who want to become homeowners.
  • The new K-FIT purchase assistance loan may only be paired with PHFA's Keystone Home Loan (KHL) program.

Context Business Lending Launches an E-Commerce Division

Monday, March 1, 2021 - 3:15pm

BALA CYNWYD, Pa., March 1, 2021 /PRNewswire/ --Context Business Lending, LLC ("CBL") a family office-backed leading, national asset-based lender becoming increasingly well known for disrupting non-bank Asset Based Lending ("ABL") industry, announced today the launch of its official E-Commerce Division .

Key Points: 
  • BALA CYNWYD, Pa., March 1, 2021 /PRNewswire/ --Context Business Lending, LLC ("CBL") a family office-backed leading, national asset-based lender becoming increasingly well known for disrupting non-bank Asset Based Lending ("ABL") industry, announced today the launch of its official E-Commerce Division .
  • Context Business Lending is a leading, national asset-based lender focused on providing flexible working capital for lower middle market businesses that do not qualify for traditional bank financing.
  • During this period where COVID-19 is having a profound impact on working capital needs of many businesses, Context Business Lending is increasingly flexible and continuing to take a holistic view of a businesses' challenges and opportunities.
  • Context Business Lending is sector agnostic and works with businesses in the manufacturing, distribution, wholesaling, consumer products, e-Commerce and service industries.

The Change Company Partners with Netflix to Expand Black Homeownership

Monday, March 1, 2021 - 3:14pm

The Change Company, Americas Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America.

Key Points: 
  • The Change Company, Americas Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America.
  • The Netflix investment in affiliates of The Change Company is focused on bringing racial equity to home lending by financing Black homeowners, fairly and responsibly.
  • Empowered by its partnership with Netflix, The Change Company and its home loan subsidiary also announced the launch of its Black Homeownership Initiative to lend over $1 billion to expand Black homeownership.
  • Strong, socially responsible capital partners are critical to The Change Companys ability to expand homeownership for minority and other underserved borrowers, Steven Sugarman, Founder of The Change Company, added.

MEDIA RELEASE: IPLAC Responds to Inaccurate Reports

Monday, March 1, 2021 - 3:00pm

On February 17, 2021, local media reported, on television and on the web, protests against predatory lending led by the anti-poverty activist group.

Key Points: 
  • On February 17, 2021, local media reported, on television and on the web, protests against predatory lending led by the anti-poverty activist group.
  • Most notably, the inference of the reports is that our customers are victims of predatory lending.
  • IPLAC asks Canadian media to provide an accurate, balanced view of our industry and show the benefits we provide to our clients.
  • We at IPLAC are a group of short term lending organizations who are Canadian operator owned and reflect the value of responsible lending.

Medallion Financial Announces Completion of Private Placement of $25.0 Million of Senior Unsecured Notes

Monday, March 1, 2021 - 2:05pm

Medallion Financial Corp. (Nasdaq: MFIN, Medallion Financial or the Company) announced today that it has completed a private placement of $25.0 million aggregate principal amount of fixed rate senior unsecured notes to certain institutional investors.

Key Points: 
  • Medallion Financial Corp. (Nasdaq: MFIN, Medallion Financial or the Company) announced today that it has completed a private placement of $25.0 million aggregate principal amount of fixed rate senior unsecured notes to certain institutional investors.
  • The notes will mature on February 26, 2026 and bear a fixed interest rate of 7.25% per year, paid semi-annually.
  • This transaction is in addition to the private placement of other notes aggregating $39.1 million principal amount in December 2020 and February 2021.
  • We are pleased to announce the closing of this additional private placement as our profitable commercial and consumer lending segments continue to prosper, stated Alvin Murstein, Chairman and CEO of Medallion Financial.

Southern Trust Mortgage wins Best Mortgage Companies to Work for award for second straight year

Monday, March 1, 2021 - 1:30pm

VIRGINIA BEACH, Va., March 1, 2021 /PRNewswire-PRWeb/ -- Southern Trust Mortgage has been named as one of the 2021 Best Mortgage Companies to Work for by National Mortgage News and Best Companies Group .

Key Points: 
  • VIRGINIA BEACH, Va., March 1, 2021 /PRNewswire-PRWeb/ -- Southern Trust Mortgage has been named as one of the 2021 Best Mortgage Companies to Work for by National Mortgage News and Best Companies Group .
  • "Being recognized in back-to-back years as a Best Mortgage Company to Work for is both humbling and encouraging."
  • Companies from across the United States entered a two-part survey process to determine the National Mortgage News' Best Mortgage Companies to Work for.
  • Southern Trust Mortgage is a mortgage lender founded in 1998 with the mission of making the home buying process simple, creative, and consistent.