Bank Loan – Left Bank http://left-bank.org/ Tue, 14 Sep 2021 18:25:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Bank Loan – Left Bank http://left-bank.org/ 32 32 September 14, 2021 – Mortgage rate increase – Forbes Advisor https://left-bank.org/september-14-2021-mortgage-rate-increase-forbes-advisor/ https://left-bank.org/september-14-2021-mortgage-rate-increase-forbes-advisor/#respond Tue, 14 Sep 2021 17:41:57 +0000 https://left-bank.org/september-14-2021-mortgage-rate-increase-forbes-advisor/ Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors. The rate on a 30-year fixed mortgage has increased slightly today. However, rates remain historically low overall. Today, the average rate for a 30-year fixed mortgage […]]]>

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

The rate on a 30-year fixed mortgage has increased slightly today. However, rates remain historically low overall.

Today, the average rate for a 30-year fixed mortgage is 3.05%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.35%. On a 30-year jumbo mortgage, the average rate is 3.03% and the average rate on a 5/1 ARM is 2.78%.

Related: Compare current mortgage rates

30 year fixed rate mortgages

The average rate rose on a 30-year fixed mortgage, reaching 3.05% from 3.04% a day ago. Today’s rate is below the 52-week high of 3.37%.

On a 30-year fixed mortgage, the APR is 3.24%, lower than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the carrying charges on a loan. This is the overall cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a fixed rate mortgage of $ 100,000 over 30 years will pay $ 424 per month in principal and interest (taxes and fees not included) at the current interest rate of 3.05. %. You would pay approximately $ 52,750 in total interest over the life of the loan.

15 year fixed rate mortgages

The average interest rate on the 15-year fixed mortgage is 2.35%. At the same time last week, the 15-year fixed rate mortgage was at 2.36%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed rate, the APR is 2.64%. Last week it was 2.64%.

With an interest rate of 2.35%, you would pay $ 660 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 18,755 in total interest.

Giant mortgages

On a 30-year jumbo, the average interest rate is 3.03%, lower than it was on this date last week. The average rate was 3.05% on the same date last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed rate jumbo mortgage with a current interest rate of 3.03% will pay $ 423 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,174, and you would pay approximately $ 392,704 in total interest over the life of the loan.

5/1 arm

On a 5/1 ARM, the average rate remained at 2.78%. The average rate was 2.80% last week. Today’s rate is currently below the 52-week high of 3.43%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.78% will pay $ 410 per month in principal and interest.

Calculation of mortgage payments

Mortgages and mortgage lenders are often an integral part of buying a home, but it can be difficult to figure out what you’re paying and what you can actually afford.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment, and other expenses.

Collect these data points to calculate your monthly mortgage payment:

  • Interest rate
  • Deposit amount
  • House price
  • loan tern
  • Taxes
  • Assurance
  • HOA fees

Determine how much house you can afford

How much home you can afford depends on a number of factors including your income and debt.

Here are some basic factors that go into what you can afford:

  • Your income
  • Your debt
  • Your debt-to-income ratio, or DTI
  • Your deposit
  • Your credit rating

Do I need to get pre-approved for a mortgage?

Getting pre-approved for a mortgage can help you during the home buying process. Mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.

To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, income tax returns, and any other documents required by your lender.

The lender you select will walk you through the pre-approval process.


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National Small Business Week features virtual summit for entrepreneurs https://left-bank.org/national-small-business-week-features-virtual-summit-for-entrepreneurs/ https://left-bank.org/national-small-business-week-features-virtual-summit-for-entrepreneurs/#respond Fri, 10 Sep 2021 19:33:58 +0000 https://left-bank.org/national-small-business-week-features-virtual-summit-for-entrepreneurs/ For more than 50 years, the SBA has celebrated National Small Business Week, which recognizes and celebrates the essential contributions of American entrepreneurs and small business owners. This year is different from the previous half century. As small businesses continue to play a central role in building a strong country, they must be prepared for […]]]>

For more than 50 years, the SBA has celebrated National Small Business Week, which recognizes and celebrates the essential contributions of American entrepreneurs and small business owners. This year is different from the previous half century. As small businesses continue to play a central role in building a strong country, they must be prepared for any obstacles in the future.

More than half of Americans own or work for a small business, and they create nearly two in three new jobs in the United States each year. As part of National Small Business Week, the SBA takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners and others who support entrepreneurship

This year, the SBA is organizing a virtual summit September 13-15, 2021. This year’s event will highlight the resilience of U.S. entrepreneurs and the revival of the small business economy as we emerge from the economic crisis brought on by the coronavirus pandemic. Panels include: “Getting Real on Resilience”, “Making Your Small Business More Accessible” and “Winning in Ecommerce with Email Marketing”.

America is home to over 30 million small businesses that have persevered through persistence, ingenuity, creativity, and, for many, significant government assistance in the form of a successful P3 program.

“Over the past 16 months, we have seen the incredible determination and ingenuity of small businesses across the country. During National Small Business Week, we will honor and celebrate their impact on our economy and strengthening communities as we envision the recovery, ”said Isabella Casillas Guzman, SBA Administrator.

This year’s National Small Business Week activities will take place in a ‘virtual atrium’ and will include numerous educational panels offering retooling tools and innovative practices for entrepreneurs as small businesses seek to pivot and recover. towards a stronger economy.

The SBA, along with its summit partner SCORE – the largest network of expert volunteer business mentors in the country – will share important information about the many programs and services available to help businesses start and grow, build resilience and support, retain employees, discover new markets, and join key networks.

The online event will feature representatives from Fortune 500 companies who will discuss their paths to success and share resources to help companies on their entrepreneurial journey. Highlights of the summit will include virtual booths to develop one-on-one relationships with public and private sector partners to create opportunities for collaboration and real-time information sharing. Plus, small business owners can learn about new business strategies, meet other entrepreneurs, and chat with industry experts.

Before the pandemic, small businesses created 1.5 million jobs per year and accounted for 64% of all new jobs in the United States, according to SEMrush. Due to COVID-19 and its economic consequences, the economy has not been able to function as usual. Many businesses lost months of revenue and according to the World Economic Forum, about a third of small businesses have closed. This has affected not only individual entrepreneurs, but 47.3% of the country’s private workforce who are employed by small businesses.

Troy Binns, the leader of Binns Victory Martial Arts, needed help not only for his business and employees, but also to support the community he had built for the youth of Brooklyn, New York, in his dojo. Binns says he loves martial arts because it’s more than just teaching them how to punch and kick.

“It’s about building confidence, being able to stand up for themselves, as well as developing their character,” Binns said.

Promising to produce a “fitness environment which will be supportive, passionate, safe and full of integrity while promoting excellence and fitness” and providing services to build confidence, self-esteem, disciple , self-control and self-defense for kids, Binns couldn’t finish what he loved most because of COVID-19.

“When the pandemic hit, I lost around 90% of my students and the income dropped dramatically,” he said. “I heard about PPP, and I went through my payroll company, PayChex, who gave advice and helped with the program.

Thanks to the funding, Binns has been able to continue running a business he has been passionate about since he was two years old. Open since 1976, Binns Victory Martial Arts was able to continue to benefit young people, and Binns was able to continue running the business he took over from his father in 2014.

During the COVID-19 pandemic, Debbie Elder, principal of Shady Oak School in Richmond, Texas, needed funds to keep her staff and teachers employed while the state was closed due to the pandemic. With P3 funding, she was able to keep her staff employed and reopened for another school year in better shape than she could have hoped for a year ago.

“The teachers are like my family, and I had to make some really tough decisions about who to bring back. With the PPP funding, I was able to find the staff I worked so hard to find, ”Elder said.

Binns and Elder are among the 42% of entrepreneurs who requested one or more PPP loans to deal with the impact of the COVID-19 pandemic, according to Fit Small Business. Small business owners have asked for the following:

Paycheque Protection Program 34%

16% SBA Economic Disaster Loan

5% traditional bank loan or other

How the loans would be used was determined differently by small business owners:

75% of payroll and staff

62% operating expenses

20% marketing and promotion

20% new equipment or technologies

In unprecedented times, the majority of small business owners endured, and many are now thriving. With the help of banks, FinTech companies, and other lenders, they have secured the capital they need to survive and are able to support their businesses, employees, and communities. We celebrate them during National Small Business Week.


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Another Karvy Stock Broking executive arrested in bank loan default case https://left-bank.org/another-karvy-stock-broking-executive-arrested-in-bank-loan-default-case/ https://left-bank.org/another-karvy-stock-broking-executive-arrested-in-bank-loan-default-case/#respond Fri, 03 Sep 2021 18:35:11 +0000 https://left-bank.org/another-karvy-stock-broking-executive-arrested-in-bank-loan-default-case/ Hyderabad’s Central Crime Station (CCS) on Friday arrested Karvy Stock Broking Ltd secretary Y. Sailaja in the bank loan default case. The police took her to a municipal court, which sent her into custody. She allegedly created a bogus resolution allegedly passed at the KSBL board meeting held in 2018. The arrest was made after […]]]>

Hyderabad’s Central Crime Station (CCS) on Friday arrested Karvy Stock Broking Ltd secretary Y. Sailaja in the bank loan default case.

The police took her to a municipal court, which sent her into custody.

She allegedly created a bogus resolution allegedly passed at the KSBL board meeting held in 2018.

The arrest was made after investigators discovered that the resolution had not passed in the actual meeting, as per the original minutes of the board meeting.

By falsely representing this resolution document, KSBL Chairman and CEO C. Parthasarathy took advantage of a 350 crore rupee loan from HDFC Bank by illegally pledging the shares of KSBL clients and then in default of payment.

Meanwhile, CCS officials questioned Parthasarathy on Friday, who faces charges of taking loans from banks against the securities of his clients without their consent and of defaulting on loans.

CCS police arrested Parthasarathy for two days on Friday for questioning him in connection with a complaint by HDFC bank that he received a loan of Rs 350 crore by illegally pledging the shares. customers of KSBL and in default of payment.

Police arrested Parthasarathy on August 19 after registering a complaint from IndusInd Bank that KSBL used Rs 137 crore credit by pledging securities and shares of its clients without their consent and abusing the power of attorney.

The company defaulted on the loan by diverting the funds to its own and related business entities.

Since then, the police have questioned him twice to get more information about the case.

CCS police on Thursday arrested KSBL director general Rajiv Ranjan Singh and financial director G. Hari Krishna.

The two defendants were brought before a court, which placed them in judicial detention for 14 days.

Under Parthasarathy’s leadership, the CFO reportedly embezzled funds raised from banks by pledging clients’ securities as collateral to nine shell companies to show massive revenue.

As head of trade and brokerage, Singh has reportedly executed unauthorized trades on behalf of nine companies since 2014.

In November 2019, the Securities and Exchange Board of India banned KSBL for customer default. The company has been prohibited from accepting new clients and from executing transactions for existing clients.

This follows a National Stock Exchange investigation which found that Karvy allegedly sold shares of clients pledged with her through associated entities.

On August 23, Cyberabad police filed a complaint against Partha Sarathy and others for allegedly duping the ICICI bank with 563 crore rupees.

A case of fraud and criminal breach of trust has been registered against KSBL, Partha Sarathy, Yugandhara Rao and others, over a complaint filed by the director of ICICI bank.

Click here for the latest Direct-to-OTT versions (list updated daily)


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A look at high yield credit yields https://left-bank.org/a-look-at-high-yield-credit-yields/ https://left-bank.org/a-look-at-high-yield-credit-yields/#respond Tue, 31 Aug 2021 21:40:00 +0000 https://left-bank.org/a-look-at-high-yield-credit-yields/ A properly diversified credit portfolio should be exposed to both high yield corporate bonds and bank loans given their comparable value NEW YORK, August 31, 2021 (GLOBE NEWSWIRE) – Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today presented its Third Quarter 2021 Outlook for High Yield Bonds and Bank […]]]>

A properly diversified credit portfolio should be exposed to both high yield corporate bonds and bank loans given their comparable value

NEW YORK, August 31, 2021 (GLOBE NEWSWIRE) – Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today presented its Third Quarter 2021 Outlook for High Yield Bonds and Bank Lending. Entitled “A Look at High Yield Credit Yields,” the report explains why now is the time for investors to assess the relative value of corporate bonds and bank loans.

Among the highlights of the 16-page report:

  • Our credit spreads dashboard shows that discount margins on secondary loans are cheap compared to corporate bond spreads, which is due to benchmark rate differences as well as a risk of higher appeal on loans.

  • The buying risk considerably limits the upside potential in the short term. Investors can look to the primary market where the call protection is longest and find that loan yields are comparable to the yields on corporate bonds in the BB and B rated groups.

  • We forecast average annual credit loss rates of 110 basis points in high yield companies over the next three to five years, below a historical average of 261 basis points. For loans, we estimate an average annual credit loss rate of 86 basis points, which is lower than for businesses due to a higher recovery rate.

  • Our forward-looking estimates of the credit loss rate translate to positive loss-adjusted credit returns for most credit segments, but reveal little cushion for CCC-rated companies.

  • It is prudent to focus on the BB and B rated cohorts given record low returns and could help limit portfolio volatility if a correction materializes.

  • The real gross domestic product (GDP) of the United States in the second quarter grew by an annualized 6.6%. We expect sequential growth to slow from there until 2022: the impact of reopening businesses, which only happens once, will start to fade and the impact of fiscal stimulus will wane. will cool down, even with another spending program likely underway. This natural slowdown in activity as we go through a peak in growth could present challenges if growth slows more than expected.

  • Inflation is also likely to fall as much of the recent increase has come from categories suffering from temporary supply chain disruptions.

  • In this environment, different segments of high yield corporate bonds and bank loans offer unique opportunities, and a properly diversified credit portfolio should be exposed to both asset classes given their comparable value.

For more information, please visit http://www.uggenheiminvestments.com.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with more than $ 255 billion1 in total assets through bond, equity and alternative strategies. We focus on the risk and return needs of insurance companies, private and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers and high net worth investors. Our more than 275 investment professionals conduct rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and under-tracked. This approach to investment management has enabled us to offer innovative strategies offering diversification opportunities and attractive long-term results.

1. The assets under management of Guggenheim Investments are at 30.30.2021 and include leverage of $ 16.3 billion. Guggenheim Investments represents the following affiliated investment management companies of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC and Guggenheim Partners India Management.

Investing involves risks, including the possible loss of capital. The potential impacts of the COVID-19 outbreak are increasingly uncertain, difficult to assess and impossible to predict, and can lead to significant losses. Investments in fixed income instruments are subject to the possibility that interest rates will rise, causing their value to fall. High yield and unrated debt securities have a higher risk of default than investment grade bonds and may be less liquid, which can increase volatility.

One basis point is equal to 0.01%.

This material is distributed or presented for informational or educational purposes only and should not be taken as a recommendation of any particular security product, strategy or investment, nor as investment advice of any nature whatsoever. This document is not provided in a fiduciary capacity, may not be relied on for or in connection with making investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content hereof is not intended to be and should not be construed as legal or tax advice and / or legal advice. Always consult a financial, tax and / or legal professional regarding your specific situation.

This material contains the views of the author, but not necessarily those of Guggenheim Partners, LLC or its affiliates. The opinions contained in this document are subject to change without notice. The forward-looking statements, estimates and certain information contained in this document are based on proprietary and non-exclusive research and other sources. The information in this document has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Past performance does not represent future results. There is no representation or warranty as to current accuracy, nor is there any liability for decisions based on such information. No part of this material may be reproduced or referenced in any form without the express written permission of Guggenheim Partners, LLC.

Media contact
Gerard Carney
Guggenheim Partners
310.871.9208
Gerard.Carney@guggenheimpartners.com


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RBC exceeds estimates on recovery in Canada, increase in transactions https://left-bank.org/rbc-exceeds-estimates-on-recovery-in-canada-increase-in-transactions/ https://left-bank.org/rbc-exceeds-estimates-on-recovery-in-canada-increase-in-transactions/#respond Wed, 25 Aug 2021 13:53:50 +0000 https://left-bank.org/rbc-exceeds-estimates-on-recovery-in-canada-increase-in-transactions/

(Bloomberg) – Royal Bank of Canada benefits from lender dominance in its home country and a capital markets division that benefits from increased transactions.

As the largest mortgage lender in Canada, Royal Bank is benefiting from strong home sales and surging real estate values ​​which have increased this portion of its loan portfolio. The bank has also been successful in attracting these mortgage customers to other products, giving it a disproportionate boost compared to an emerging rebound in consumer and business lending as the Canadian economy reopened in the last quarter, a said John Aiken, analyst at Barclays Plc.

“One of the advantages of Royal is that even though they already have the largest market share, which could be a hindrance, they have used it as a way to cross-sell and gain more share. market, ”Aiken said in an interview. The Canadian banking division’s net income jumped 52% to C $ 2.02 billion ($ 1.6 billion) in the fiscal third quarter, thanks to a 7.9% increase in loans.

The Toronto bank’s RBC Capital Markets division had benefited from a trading boom as the pandemic rocked markets early last year, then kept the momentum going by advising on a flood of corporate finance deals. equity and debt for companies looking to store cash. RBC traders have since capitalized on an increase in acquisitions spurred by cheap financing for buyers and high valuations for sellers.

The capital markets division’s net profit increased 19% from a year ago to C $ 1.13 billion, thanks to record revenues from corporate and investment banking services which were fueled by loan syndications and merger advisory work. This is the third consecutive quarter for the unit with net income of over C $ 1 billion. Nonetheless, consulting revenue slowed from the second quarter, signaling that the trading cycle may have peaked.

Trading and debt capital markets activity will continue to moderate but will remain above pre-pandemic levels, while investment banking activity continues to gain strength, CFO said Rod Bolger.

“The M&A pipeline remains strong heading into our fourth quarter, and equity issuance activity is expected to remain strong,” he said in an interview.

In addition to helping loans, Canada’s vaccination campaign has enabled Royal Bank and its peers to set aside less money to absorb loan losses or even to write off some of their earlier layaways. . In the three months leading up to July, the Royal Bank released C $ 540 million.

Net income increased 34% to C $ 4.3 billion, or C $ 2.97 per share. Excluding certain items, earnings were C $ 3 per share, beating the average analyst estimate of C $ 2.72.

Royal Bank shares rose 0.7% to C $ 133.02 at 9:52 a.m. in Toronto. They are up 27% this year, compared to a 26% gain for the S & P / TSX Commercial Bank Index.

CEO Dave McKay said in a conference call with analysts that he expects mortgages to continue to grow, albeit at a slower pace than in the past 12 months, which have been “exceptional”. The bank is also seeing positive trends in credit card spending and business investment that give it confidence the recovery can withstand an inconsistent global vaccine campaign, supply chain tensions, geopolitical risks and restrictions. of travel, he said.

“While the momentum that is building may moderate in the short term by the increase in cases of the virus, even with 75% of the eligible Canadian population vaccinated, we believe the fundamentals of the economy remain strong and we will manage. the threat of the delta variant, ”McKay said.

More stories like this are available at bloomberg.com

Subscribe now to stay ahead of the curve with the most trusted source of business information.

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NDT – Build Your Dream Home with Western State Bank https://left-bank.org/ndt-build-your-dream-home-with-western-state-bank/ https://left-bank.org/ndt-build-your-dream-home-with-western-state-bank/#respond Tue, 24 Aug 2021 16:09:00 +0000 https://left-bank.org/ndt-build-your-dream-home-with-western-state-bank/ FARGO, ND (Valley News Live) – Western State Bank’s Ben Sullivan tells us what we need to know about construction loans. Potential options to buy a lot now, even if you don’t plan to build right away: This year more than ever due to rising material costs due to the pandemic, we have seen a […]]]>

FARGO, ND (Valley News Live) – Western State Bank’s Ben Sullivan tells us what we need to know about construction loans.

Potential options to buy a lot now, even if you don’t plan to build right away: This year more than ever due to rising material costs due to the pandemic, we have seen a sharp increase in the number of people buying lots and waiting to build. We know we’ve already started to see some relief in building material prices, but we still have a ways to go. If you have a piece of land or a lake that you love, Western State Bank can help you buy it now so you know you’ll own it whenever you decide to build it. Our land loan program has flexible terms and has helped many people purchase the place of their dreams over the years.

Benefits of buying the bundle now: The main advantage of buying the bundle now is that no one else buys it before you do. We have seen in town that there always seems to be a shortage of lots. Other reasons to buy now might be you know where you want to build, but still not sure what style or price range you want to be in, you can own the lot while you determine these details.

Construction financing possibilities: When someone takes construction seriously, we usually recommend that they come and meet your mortgage or construction professional, we will need to prepare or update your prequalification, and then walk you through the steps of the construction. construction. loan process. Normally, once you are pre-qualified, the next step is to work with your builder to prepare your plans and budgets. Once we have your plans and budget, we’ll order you an appraisal just to make sure everything is priced as it should. This protects you and the lender, and if everything looks ok on the appraisal, we begin the construction loan process to start paying these costs.

What is permanent financing and how does this transition from your construction loan work: Because we would have collected your financial information in advance to qualify the borrower for the construction loan, the process to switch to your permanent loan is very simple and we try to plan the closing of the permanent loan so that it is convenient for our borrowers. A very good advantage of the borrower taking on the construction finance is that he is not in a rush or rush to close quickly because when the borrower does the construction finance he already owns the land and at the end of the construction loan, the builder is already paid, so we are working with our borrowers to set a time to sign their permanent loan when it is convenient for them.

Programs or strengths someone should look for in a construction lender: First and foremost, be sure to seek out a lender with experience in construction loans. As with any construction project, things can happen and unforeseen costs and expenses can arise, this is where it really pays off to have a lender with experience who can keep you calm and help you with all the issues. problems that might arise.

The Western State Bank is located just off 13th Avenue East and 9th Street in the West Fargo Pioneer Plaza, and in a new location on 45th Street South in the Osgood neighborhood.

Copyright 2021 KVLY. All rights reserved.


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Los Angeles Fire & Police cancel search for leveraged bank loan manager https://left-bank.org/los-angeles-fire-police-cancel-search-for-leveraged-bank-loan-manager/ https://left-bank.org/los-angeles-fire-police-cancel-search-for-leveraged-bank-loan-manager/#respond Mon, 23 Aug 2021 20:10:13 +0000 https://left-bank.org/los-angeles-fire-police-cancel-search-for-leveraged-bank-loan-manager/ The Los Angeles Fire & Police Pensions board has called off the search for a leveraged bank loan manager, said Ray Ciranna, chief executive of the $ 31.4 billion pension fund, in an e -mail. The board approved on August 19 the recommendation of staff and its general investment consultant, RVK, to halt research due […]]]>

The Los Angeles Fire & Police Pensions board has called off the search for a leveraged bank loan manager, said Ray Ciranna, chief executive of the $ 31.4 billion pension fund, in an e -mail.

The board approved on August 19 the recommendation of staff and its general investment consultant, RVK, to halt research due to lower spreads on bank loans against Treasury bonds against l approval of the RFP in January, reducing expected returns, according to RVK’s memos to the board for its August 5 and 19 meetings. The mandate would have been funded under the new 2% allocation from the private credit pension scheme.

Separately, the board has increased its maximum private equity commitment size for any existing or new core private equity funds to $ 100 million, from $ 80 million, Ciranna said. The maximum amount is reserved for managers who have posted exceptional results, says a note from the pension fund’s private equity consultant, Portfolio Advisors. The Board of Directors has maintained its maximum private equity commitment amount of $ 30 million for any existing or new venture capital or growth capital fund and a maximum of $ 20 million for any management fund. specialized.

Portfolio Advisors expects to have committed between $ 1 billion and $ 1.2 billion in private equity on behalf of the pension fund by the end of 2021.


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The Tourist Office will contract bank loans https://left-bank.org/the-tourist-office-will-contract-bank-loans/ https://left-bank.org/the-tourist-office-will-contract-bank-loans/#respond Sun, 22 Aug 2021 16:00:00 +0000 https://left-bank.org/the-tourist-office-will-contract-bank-loans/ VIRUS OUTCOMES: The borrowed money could be available next month, as the bureau announced plans to sign contracts with the two banks at the end of this month. By Shelley Shan / Journalist The Tourism Board will obtain loans from the Bank of Taiwan and the Union Bank of Taiwan, for a total of NT […]]]>

VIRUS OUTCOMES:
The borrowed money could be available next month, as the bureau announced plans to sign contracts with the two banks at the end of this month.

  • By Shelley Shan / Journalist

The Tourism Board will obtain loans from the Bank of Taiwan and the Union Bank of Taiwan, for a total of NT $ 5.9 billion ($ 210.65 million), to replenish the Development Fund of the tourism, which was exhausted at the end of last year.

It is the first time since the creation of the fund in 1999 that the office needs to contract bank loans to replenish it.

The fund was created to promote travel to Taiwan, the office said.

Ninety percent of the fund’s revenue comes from airport service charges paid by outgoing travelers, he said, adding that the fund collects half of each NT $ 500 charge.

However, border controls imposed to contain the spread of COVID-19 have dramatically reduced the number of travelers, causing fund revenues to drop to almost zero, he added.

The bureau said he was forced to take out bank loans to continue promoting tours in Taiwan.

The borrowed money could be available next month, as the bureau announced its intention to sign the loan contracts with the two banks at the end of this month.

The loans total NT $ 5.9 billion, of which NT $ 3.21 billion is allocated for the second half of this year and NT $ 2.68 billion for the first six months of next year.

The money would be used to cover the “Taiwan Tourism 2025” campaign, but could not be used for relief payments or subsidies to tour operators, the office said.

Once the country’s borders reopened and there were travelers again to pay the airport service charge, the loans would be repaid, office officials said.

Before the borders reopened, the office would carefully manage the amount borrowed from banks to avoid large interest payments, they said.

Before COVID-19, the fund grew every year thanks to an increase in the number of travelers. At one point, the office used the fund to subsidize domestic tourism during slack periods.

Fund spending has also exploded in recent years, reaching NT $ 21.3 billion.

The fund has also been used to subsidize travel operators affected by the pandemic and to support government infrastructure projects.

The fund had fallen to NT $ 176 million by the end of last year.

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Indian defaulters who fled UAE find temporary relief due to COVID-19 https://left-bank.org/indian-defaulters-who-fled-uae-find-temporary-relief-due-to-covid-19/ https://left-bank.org/indian-defaulters-who-fled-uae-find-temporary-relief-due-to-covid-19/#respond Sun, 22 Aug 2021 05:59:20 +0000 https://left-bank.org/indian-defaulters-who-fled-uae-find-temporary-relief-due-to-covid-19/ India’s two-wave COVID-19 outbreak since March 2020 has become an unlikely savior for many Indian expats who owe millions of dollars in delinquent loans to banks in the UAE. Image Credit: Provided Dubai: India’s COVID-19 epidemic in two waves since March 2020 has become an unlikely savior for many Indian expats who owe millions in […]]]>

India’s two-wave COVID-19 outbreak since March 2020 has become an unlikely savior for many Indian expats who owe millions of dollars in delinquent loans to banks in the UAE.
Image Credit: Provided

Dubai: India’s COVID-19 epidemic in two waves since March 2020 has become an unlikely savior for many Indian expats who owe millions in outstanding loans to UAE banks and left the country between 2015 and 2020 .

In early 2020, India and the UAE agreed to make the UAE courts’ verdicts on enforceable defaults in India, making life difficult for Indians who defaulted on their loans and fled. the country.

As a result of the change in the legal status of these cases, many banks in the UAE had hired law firms to take legal action in India to recover their money from the defaulters. Bankers and law firms now say nothing has advanced much due to the COVID outbreak in India and the United Arab Emirates from March 2020.

“Obviously, the pandemic has changed the priorities of the banks. Since the first quarter of last year, banks have focused more on new loan write-downs linked to the impact of COVID and historical defaults have been put on the back burner, ”said the chief legal officer of a large local bank.

India UAE judicial cooperation

In order to facilitate mutual legal assistance in civil and commercial matters, India and the United Arab Emirates concluded on October 25 an “Agreement on judicial and judicial co-operation in civil and commercial matters for the service of summonses to appear, documents courts, commissions, enforcement of judgments and arbitral awards. , 1999 (the Treaty).
Although the treaty was ratified in 2000 and the United Arab Emirates gave effect to the treaty by publishing it in its Federal Gazette in the same year, India had only completed national formalities regarding certain provisions of the treaty at the beginning. from 2020.
As a result, successful parties in UAE legal proceedings were unable to benefit from the treaty and often struggled to enforce judgments in India. India issued a notification on January 17, 2020 declaring the UAE as a “reciprocal territory”. The 2020 declaration means that in theory it should now be much simpler and faster to enforce judgments from UAE courts in India.

Cascading defaults

UAE banks faced massive payment defaults between 2015 and 2017 as a result of the payments crisis that started in the small and medium-sized enterprise (SME) segment.

Much of the delinquency on loans was due to the sudden disruption of the payment cycle in the economy. After a drastic drop in oil prices from 2013, a combination of budget adjustments ranging from the rationalization of spending by state-linked entities and large corporations resulted in delays in payments to SMEs. This resulted in the first stage of defaults by a number of SMEs.

In the absence of viable insolvency proceedings, business owners facing lawsuits and potential criminal charges from lenders have chosen to take the plunge and return to their home countries.

Defaults have had a domino effect on the credit quality of banks, with business failures and job losses adding to the overall volume of nonperforming loans (NPLs).

Huge exceptional

Bankers said the total defaults in the SME and retail segment are in the range of Dh30-35 billion and of this total Dh25 billion is owed by NRI borrowers.

Retail loans, including loans to small businesses, represent only about 20 percent of the total amount past due, while over 75 percent represent relatively large commercial loans, in the range of $ 20 million to $ 150 million. from Dh.

UAE banks were keen to prosecute large defaulters, with liabilities exceeding MAD 2 million through legal channels, while they were more inclined to prosecute small defaulters through debt collectors in India . However, both channels have virtually disappeared for a year as the pandemic slowed down or interrupted the legal process.

In the case of the use of loan collectors, banks face great resistance from law enforcement agencies and local courts. The use of debt collectors has become illegal following a court ruling. In 2019, a division chamber of the High Court of Kerala ruled that foreign banks or financial institutions cannot hire debt collectors to realize the overdue loan amount of a borrower in the country.

The Chamber of Judges K. Vinod Chandran and Judge VG Arun observed that if the non-repayment by the borrower constitutes a criminal offense in a foreign country, the bank could take criminal action against the borrower by the diplomatic channel.

The court made the observations while it had a motion for a brief filed by a woman from Kollam, Kerala, who had returned after working as a nurse in Saudi Arabia against attempts by bank debt collector Al -Rajhi, in Saudi Arabia, to intimidate her and force her to pay the overdue amount.

Banks to keep business going

UAE banks contacted by Gulf News said they would continue to explore all legal options in India to collect their dues from defaulting debtors. “Our priority will be to prosecute large debtors who owe us millions. Many cases are active and once the COVID situation improves, these cases will be reactivated in both the UAE and India, ”said the head of the SME section of the UAE bank.

Although Kerala’s High Court has banned the use of debt collectors to track and collect overdue retail and credit card debts, banks are considering challenging the ruling in the Indian Supreme Court.


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How to finance your small business https://left-bank.org/how-to-finance-your-small-business/ https://left-bank.org/how-to-finance-your-small-business/#respond Wed, 11 Aug 2021 09:27:58 +0000 https://left-bank.org/how-to-finance-your-small-business/ There are many ways to finance your start-up or small business. Determining the best financing option depends on your credit score, how quickly you need the cash, and the long-term effects it can have on your business. Below are seven options for financing your business and what you need to know about each option before […]]]>

There are many ways to finance your start-up or small business. Determining the best financing option depends on your credit score, how quickly you need the cash, and the long-term effects it can have on your business.

Below are seven options for financing your business and what you need to know about each option before signing up:

1. Bank loans

Start by looking in a bank Commercial loan. Small business loans have specific requirements, conditions, and loan amounts. A credit counselor can look at what you need when applying for a small business loan and help you put together all the paperwork you need. Although the requirements vary, many banks require the following:

2. Loans for small business administration

Another option is a Small Business Administration Loan (SBA). The SBA puts you in touch with a lending partner and guarantees funds up to a certain percentage. Here are three different SBA loan options:

SBA Loan Program 7 (a):

  • Maximum loan amount of $ 5 million
  • Lenders and borrowers have the option to negotiate the interest rate
  • Flexible loan terms
  • Useful for business expansion, start-up costs or general cash flow management

SBA Express:

  • Loan and line of credit options up to $ 350,000
  • Fixed or variable interest rates
  • Useful for small capital needs

SBA 504 Loan Program:

  • Loan amounts vary depending on the project
  • Competitive long-term interest rates
  • Able to borrow up to 90% of the cost of the project
  • Useful for debt refinancing or construction

3. Business line of credit

A business line of credit offers flexibility. Similar to a credit card, businesses can be given a certain amount of capital based on their credit score and cash flow. The refund is only required at the start of your first drawdown and interest is only paid on the amount you withdraw or use.

If you need quick access to cash for short-term purchases like inventory or higher priced projects, here’s why a line of credit might be the right option:

  • Pay interest only on the amount you use
  • Flexibility to withdraw money (up to your credit limit) according to your needs
  • Repayment terms are usually monthly, but some lenders may allow you to choose your schedule based on your cash flow

4. Small business grants

Small business grants are available for start-ups or existing businesses. A grant is money that does not need to be repaid and can be used to help your business grow or for immediate business needs.

The terms and amount of a grant vary depending on the nonprofit, company, or government agency issuing it. Each grant you apply for has separate requirements and documents. As with any other small business financing option, make sure you qualify for the grant and read the fine print before applying or accepting.

If you are a women, minority or veteran, you may be eligible for more specific business grants. Discover more grants offered by the federal government here.

5. Venture capital

A venture capitalist (VC) is a private investment group that receives a stake in your business in exchange for working capital.

In addition to cash, VCs can also provide advice and guidance on starting and growing a business. Venture capitalists are often involved in several emerging companies and have industrial relationships that can help grow your business.

6. Crowdfunding

Another option is to use the internet and social media to set up a crowdfunding campaign. You can promote your small business while raising money. People interested in your product donate and help fund your business in return for promotional rewards, equity, or long-term benefits.

Like a grant, there is no need to repay these funds, but your brand’s use of the money must come under the scrutiny of your donors. Unlike other small business financing options, the reputation of your business depends on how you use the money and the overall success of your business.

7. Financing of equipment

You need the right equipment to serve your customers. Equipment financing allows you to purchase the items needed to run and grow your business without affecting your bottom line. Usually, equipment loans finance 100% of the cost of the equipment. The loan may also include additional funds as a buffer for any “incidental costs” associated with the purchase of equipment, such as shipping or materials needed to operate the equipment.

Before signing on the dotted line, you should consider factoring in the functional details in the amount you borrow and the terms of your loan repayment, such as the life of the equipment and maintenance costs.

Keep in mind that your small business loan payments could be tax deductible. Track the amount you pay in interest and at the end of the year you may be able to cancel it.

Of credit line has a Commercial loan, there is probably a financing option for your small business. When you’re ready to take a step, schedule a time to meet your investment banker.

For informational / educational purposes only: The opinions expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. The opinions and strategies described may not be suitable for everyone and are not intended to be advice / specific recommendations for an individual. You should carefully consider your needs and goals before making any decisions and consult with the appropriate professional (s). Outlook and past performance are no guarantee of future results.

JPMorgan Chase Bank, NA FDIC Member. Equal Opportunity Lender, © 2021 JPMorgan Chase & Co.


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