Pipeline supply – EGE RUS http://ege-rus.com/ Mon, 07 Mar 2022 20:47:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ege-rus.com/wp-content/uploads/2021/10/icon-5-120x120.png Pipeline supply – EGE RUS http://ege-rus.com/ 32 32 House OKs bill to allow loans to help conserve water | Western Colorado https://ege-rus.com/house-oks-bill-to-allow-loans-to-help-conserve-water-western-colorado/ Mon, 07 Mar 2022 20:21:37 +0000 https://ege-rus.com/house-oks-bill-to-allow-loans-to-help-conserve-water-western-colorado/ The country united states of americaUS Virgin IslandsU.S. Minor Outlying IslandsCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, People’s Republic […]]]>

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It’s time to make loans to save tax https://ege-rus.com/its-time-to-make-loans-to-save-tax/ Thu, 03 Mar 2022 23:25:17 +0000 https://ege-rus.com/its-time-to-make-loans-to-save-tax/ Maybe you’ve heard the story of a business owner who had employees who always showed up for work on time. Turns out he had 30 employees, 29 free parking spots and one paid parking spot at work. Arriving on time meant saving money. Showing up on time can also mean tax savings. You see, time […]]]>

Maybe you’ve heard the story of a business owner who had employees who always showed up for work on time. Turns out he had 30 employees, 29 free parking spots and one paid parking spot at work. Arriving on time meant saving money.

Showing up on time can also mean tax savings. You see, time is running out to take advantage of the lowest prescribed rate in Canadian history. This week marked the beginning of what is sure to be a period of rising interest rates in this country. And as interest rates rise, the prescribed rate also rises. So acting fast is a good idea. Let me explain.

The rate

The prescribed rate in our tax law is used for a few things. More specifically, it is the rate of interest that should be charged on certain loans between individuals, or between businesses and their employees or shareholders. When loans are set up correctly at the prescribed rate, tax savings can result.

The lower the prescribed rate, the greater the tax benefits can be. Today, the prescription is only 1%, but it is very likely that it will increase this year. The rate is set quarterly and is tied to the average 90-day Treasury bill rate for the previous quarter, rounded to the nearest whole percentage point. The average 90-day treasury bill rate for the fourth quarter of 2021 was less than 1%, so the prescribed rate was rounded to 1% for the first quarter of 2022. You get the idea.

There is no doubt that we will see a prescribed rate of 1% for the second quarter of 2022, but it is possible that we could see the rate increase to 2% on July 1. Consider the following ideas before July to take advantage of the current prescribed rate.

The joint loan

Consider taking out a loan for your low-income spouse. If you charge your spouse the prescribed rate of 1% on the loan, then any income earned by your spouse on the loaned funds will be taxed in your spouse’s hands and not in your hands. Normally the attribution rules will apply to get you to pay the tax instead, but charging the 1% takes you out of those rules.

You will have to pay tax on the 1% paid by your spouse, and he or she will have to pay you by January 30 of each year for the interest charges from the previous year. Your spouse will be entitled to a deduction for the interest paid to you. The big news? This 1% rate can be locked in as long as the loan is unpaid.

The child loan

Similar to a spousal loan, you can loan money for the benefit of a minor child – usually to a trust – to have those dollars invested and the income taxed in the hands of the child. Again, you’ll need to charge the prescribed rate on the loan, but the 1% rate can be locked indefinitely if you set it up before the rate increases.

By the way, if you take out a loan at a higher prescribed rate later on, and then the rates drop again, you can’t just re-do the loan at the lower rate unless the higher rate loan is paid off in first.

The employee loan

As an employee, you can now borrow money from your employer at favorable rates. You will be deemed to have received a taxable employment benefit for any interest-free or interest-reduced loans. The taxable amount is equal to the prescribed interest rate (1% today) minus the actual amount of interest you pay on the loan. According to this calculation, you will not have a taxable employment benefit if you only pay 1% on the loan.

In addition, a special rule applies if you borrow from your employer for the purpose of buying a house. Under this rule, the taxable benefit for the first five years is calculated using the lesser of the prescribed rate in effect at the time the loan was made or in the particular quarter in which the benefit is calculated. The rules are a bit complex, so talk to a tax professional if your employer has given you a home loan.

The shareholder loan

There are special rules for shareholder loans that could cause the loan to be included in your income if you are a shareholder and borrowed from your business. Some loans will avoid these rules. In this case, there could still be a taxable interest benefit, but if you pay the prescribed rate – just 1% today – you’ll avoid this taxable benefit. Borrowing today when the prescribed rate is low might make sense. Speak to a tax professional for more details.

Tim Cestnick, FCPA, FCA, CPA(IL), CFP, TEP, is author, co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca.

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How to get student loans in India? https://ege-rus.com/how-to-get-student-loans-in-india/ Wed, 02 Mar 2022 08:15:55 +0000 https://ege-rus.com/how-to-get-student-loans-in-india/ Education has the potential to change anyone’s status. For many, education is like getting a degree to show off certification, and too many value education. Graduating from a top university and earning a university degree is the dream of many students in India. Investing in higher education can be blissful as it opens doors to […]]]>

Education has the potential to change anyone’s status. For many, education is like getting a degree to show off certification, and too many value education. Graduating from a top university and earning a university degree is the dream of many students in India. Investing in higher education can be blissful as it opens doors to well-paying and rewarding career opportunities.

Affordability is a common barrier that students face in achieving this goal. Scholarships, grants, and work-study programs can help with financial aid, but the cost of college education has increased dramatically in recent years. It is considerably more expensive if one wants to study abroad due to the additional costs.

Through the loan facility provided by many leading universities, NGOs, banks and financial institutions. In line with the direction given by the Reserve Bank of India to all regular commercial banks of India to introduce a special education loan scheme which aims to provide financial support to bright students who wish to pursue higher education in India and abroad with acceptable terms and conditions.

Understanding Student Loans

Student loan is the sum of money lent by the government or private institutions to students who wish to pursue higher, higher or higher education.

In order to facilitate easy access to finance for students and to encourage students to pursue higher education, the government tends to impose lower interest rates which can be paid after a certain period known as a moratorium period. These loans cover tuition and accommodation costs as well as travel and other expenses.

Many Indian private banks offer student loans to pursue higher education in India or abroad. Major student loan providers are SBI, Axis and HDFC Bank.

If you are a student who wishes to apply for higher education in India, you must meet certain criteria. An Indian citizen between the ages of 18-35 with a good academic record having gained admission into a recognized university/institution.

How is the student loan advantageous?

Documents required to apply for a loan in India

Loan application fully completed with a recent photo of the applicant and the following proof:

  • Photo ID Card – Voter ID/Adhar/Pan/Driver’s License/PAN
  • Proof of Age – Adhar Card or High Score Sheet/Certificate
  • Proof of address and proof of signature
  • Admission letter with fee breakdown
  • Mark sheets – 10th, 12th and applicable exam results like GRE/TOEFL/IELTS etc.
  • Co-applicant guardian’s proof of income
  • Bank statement for the last 6 months
  • Tax return for the previous two years
  • Collateral documents
  • Audited balance sheet for the last 2 years

Online and Offline Modes to Apply for Student Loans in India

Both online and offline applications must submit the necessary documents attached to the completed loan application form. After getting loan approval, the bank issues a loan document that contains several elements of the loan. The bank disburses the loan amount either in installments or as per the requirements of the university or institution after signing the loan document.

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Mill City loans are established as a mortgage conduit for funds managed by CarVal Investors https://ege-rus.com/mill-city-loans-are-established-as-a-mortgage-conduit-for-funds-managed-by-carval-investors/ Mon, 28 Feb 2022 16:00:00 +0000 https://ege-rus.com/mill-city-loans-are-established-as-a-mortgage-conduit-for-funds-managed-by-carval-investors/ MINNEAPOLIS, February 28, 2022 /PRNewswire/ — CarVal Investors, a global alternative investment manager, today announced that funds managed by CarVal have created Mill City Loans, a mortgage conduit focused on building lasting relationships with originator partners in the acquisition of residential mortgage assets through multiple strategies. Mill City Loans strategically focuses on liquidity, technology, relationships […]]]>

MINNEAPOLIS, February 28, 2022 /PRNewswire/ — CarVal Investors, a global alternative investment manager, today announced that funds managed by CarVal have created Mill City Loans, a mortgage conduit focused on building lasting relationships with originator partners in the acquisition of residential mortgage assets through multiple strategies.

Mill City Loans strategically focuses on liquidity, technology, relationships and experience to provide high quality service to clients.

Mill City Loans will be led by an experienced management team comprised of mortgage lending veterans Trey Jordan, Mike Peterson and Kent Usell. Jordan comes to Mill City from New York Mortgage Trust, Inc., where he served as general counsel. Petersen is a seasoned mortgage industry executive who most recently worked at TCF Bank where he led the team responsible for capital markets, secondary marketing and mortgage portfolio management. Usell is a mortgage and investment banking industry leader, with leadership experience at several companies, including New York Mortgage Trust, Inc. and Oak Hill Advisors, LP

“We are thrilled to launch Mill City Loans in this groundbreaking new venture,” said Dave Pelka, Director at CarVal Investors. “CarVal has invested more than $24 billion in nearly 2,000 loan portfolio transactions worldwide. We have also issued over 40 securitizations since 2014 and our firm has nearly three decades of experience buying, selling and securitizing residential loans in the United States and Europe. We always seek to partner with experienced management teams who can capitalize on unique opportunities, and we are particularly excited about the addition of Mill City Loans to our portfolio. »

“We are delighted to work with CarVal Investors who are industry experts in our markets,” said Mike Peterson, a member of the management team of Mill City Loans. “Together, we bring deep industry experience and a unique new product offering to the mortgage market that we believe will experience substantial growth in the years to come.”

About Mill City Loans
Mill City Loans was founded in 2022 as a mortgage conduit for funds managed by CarVal Investors. Our mission is to build lasting relationships with our originator partners in the acquisition of residential mortgage assets through multiple strategies. www.millcityloans.com.

About CarVal Investors
CarVal Investors is an established global alternative investment manager focusing on credit-intensive assets and market inefficiencies. Since 1987, the CarVal team has navigated through ever-changing credit market cycles, investing opportunistically $133 billion in 5,610 transactions in 82 countries. Today, CarVal Investors has around $11 billion of assets under management in corporate securities, loan portfolios, structured loans and sustainable assets. www.carvalinvestors.com.

Contact:
Alison Dubay
[email protected]

SOURCE Investors CarVal

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Names of companies benefiting from huge Covid loans will be secret | Business https://ege-rus.com/names-of-companies-benefiting-from-huge-covid-loans-will-be-secret-business/ Sat, 26 Feb 2022 20:36:00 +0000 https://ege-rus.com/names-of-companies-benefiting-from-huge-covid-loans-will-be-secret-business/ The names of thousands of businesses who have received billions of pounds from Covid-19 loan schemes must remain confidential under new government rules to only publish state grants of £500,000 or more. The higher threshold was introduced after Brexit despite warnings that it could hamper the fight against fraudsters believed to have plundered billions from […]]]>

The names of thousands of businesses who have received billions of pounds from Covid-19 loan schemes must remain confidential under new government rules to only publish state grants of £500,000 or more.

The higher threshold was introduced after Brexit despite warnings that it could hamper the fight against fraudsters believed to have plundered billions from such schemes. The loan programs have been dubbed a “bonanza for fraudsters.”

Under EU rules in place until the end of 2020, all pandemic business loans over €100,000 had to be made public with details of the beneficiaries. The new £500,000 threshold for public disclosure of state aid, including pandemic loans, applies from 1 January 2021 and is set out in the Government’s Grant Control Bill which is pending in Parliament.

Disclosure rules mean that the vast majority of companies claiming loans will never be revealed. According to the British Business Bank, the state-owned bank that provided the aid, only 3% of businesses that applied for help under the largest bounce-back loan scheme are expected to be named.

Treasury Secretary Lord Agnew resigned at the Lords dispatch box last month over what he described as a series of ‘schoolboy mistakes’ in the fight against fraud. He said the loans scheme was more vulnerable to fraud due to a mixture of ‘arrogance, indolence and ignorance’.

The government estimated around £4.9billion had been lost in a bounce-back scheme fraud which provided loans of up to £50,000 to small businesses.

Ministers did not release figures on estimated fraud losses for two other schemes, the Coronavirus Business Interruption Loan Scheme and the Coronavirus Business Interruption Loan Scheme. Loans worth almost £80bn were distributed to businesses across the UK between March 23, 2020 and March 31, 2021.

The government is facing a challenge under freedom of information laws by campaign group Spotlight on Corruption which submitted a request last July for details of all recipients of the loan schemes.

The British Business Bank declined to release details, warning that identifying the companies could negatively impact trade. The Information Commissioner’s Office (ICO) upheld the decision to withhold the information, but the campaign group is appealing.

George Havenhand, of Spotlight on Corruption, said: “Covid loans were a boon for fraudsters. Publication of these names would support the government’s efforts to recover money lost to fraud and increase accountability for this national scandal.

The ICO’s denial decision in December 2021 stated that under a temporary EU framework, all UK loans granted in 2020 had to be made public when they were over €100,000 (or over €10,000 for farming or fishing).

From 1 January 2021, under the UK’s post-Brexit regime, businesses in England, Wales and Scotland are only required to disclose loans equal to or greater than £500,000. Loans in Northern Ireland remain subject to the EU reporting regime under Article 10 of the Northern Ireland Protocol.

The legal challenge has highlighted concerns that the transparency requirements of the new subsidy control bill are inadequate. EU state aid is usually disclosed at a threshold of €500,000, a threshold that has been reduced for pandemic loans.

Campaigners want ministers to introduce tougher rather than weaker transparency requirements for the UK outside the EU and call for all grants over the £500 threshold to be disclosed. The peers backed an amendment to the bill in the Lords to reduce it to that level.

Anna Powell-Smith, director of the Center for Public Data, a data transparency group campaigning for a lower threshold for disclosure, said: “The Subsidy Control Bill reforms the way the UK grants grants and business loans after Brexit, but it also makes grants less transparent, for no clear reason.

“The law should require all grants over £500 to be published. This will help prevent cronyism and fraud and will have support from across the political spectrum. British Business Bank officials say the government’s higher reporting threshold for pandemic support will only affect lending over a three-month period as all three schemes were closed on March 31, 2021.

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Hull Man convicted of fraudulently submitting small business loans under CARES Act | USAO-MA https://ege-rus.com/hull-man-convicted-of-fraudulently-submitting-small-business-loans-under-cares-act-usao-ma/ Thu, 24 Feb 2022 23:02:03 +0000 https://ege-rus.com/hull-man-convicted-of-fraudulently-submitting-small-business-loans-under-cares-act-usao-ma/ BOSTON – A Hull man was convicted today in federal court in Boston of submitting fraudulent documentation to receive CARES Act small business loans. Shane Spierdowis, 31, was sentenced by US District Court Judge Richard G. Stearns to two years in prison and two years on probation. On October 21, 2021, Spierdowis pleaded guilty to […]]]>

BOSTON – A Hull man was convicted today in federal court in Boston of submitting fraudulent documentation to receive CARES Act small business loans.

Shane Spierdowis, 31, was sentenced by US District Court Judge Richard G. Stearns to two years in prison and two years on probation. On October 21, 2021, Spierdowis pleaded guilty to one count of wire fraud.

Spierdowis used multiple front companies and falsified bank records to fraudulently apply for and obtain a federally funded Small Business Administration (SBA) Paycheck Protection Program (PPP) loan and economic disaster loan (EIDL) of the SBA. Spierdowis used social security numbers different from his own and fraudulent documents to open bank accounts for his front companies. He also provided a fraudulent corporate bank statement showing a balance over $220,000, but dated before the relevant bank account was opened.

As a result, Spierdowis secured a $101,517 SBA Paycheck Protection Program loan for one of his front companies, the funds from which were wired to a Massachusetts bank. Spierdowis also obtained an SBA EIDL in the amount of $89,900 using a separate shell company.

Additionally, in regards to the two loans, Spierdowis submitted fraudulent federal tax forms for the two shell companies that included his signature, as alleged president of each company, and the alleged payment of hundreds of thousands of dollars in salaries. to alleged employees during each quarter of 2019. In reality, however, for part of the first quarter of 2019 and all of the second through fourth quarters of 2019, Spierdowis was in federal custody after violating his probation as a result of a federal conviction for conspiracy to commit securities fraud.

United States Attorney Rachael S. Rollins and Frederick J. Regan, Special Agent in Charge, United States Secret Service, Boston Field Office, made the announcement. The Hull Police Department provided invaluable assistance to the investigation. Assistant U.S. Attorney William Abely, head of Rollins’ criminal division, prosecuted the case.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to mobilize Department of Justice resources in partnership with government agencies to scale up enforcement and prevention efforts. pandemic-related fraud. The task force strengthens efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies administering relief programs to prevent fraud, among other methods, by increasing and integrating coordination mechanisms existing ones, identifying resources and techniques to uncover fraudulent actors and their agendas, and sharing and leveraging information and knowledge gained from previous enforcement efforts. For more information about the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about alleged attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) hotline at 866-720-5721 or via NCDF’s online complaint form at: https://www. .justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

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Barclays annual profit nearly triples as bad debts decline https://ege-rus.com/barclays-annual-profit-nearly-triples-as-bad-debts-decline/ Wed, 23 Feb 2022 07:11:47 +0000 https://ege-rus.com/barclays-annual-profit-nearly-triples-as-bad-debts-decline/ Band Lawrence White and Iain Withers LONDON, February 23 (Reuters) – Barclays BARC.L declared its annual profit almost tripled as bad debt charges fell and its investment bank continued its recent strong performance amid market volatility during the COVID-19 pandemic. The British lender on Wednesday reported pre-tax profit for 2021 of 8.4 billion pounds ($11.42 […]]]>

Band Lawrence White and Iain Withers

LONDON, February 23 (Reuters)Barclays BARC.L declared its annual profit almost tripled as bad debt charges fell and its investment bank continued its recent strong performance amid market volatility during the COVID-19 pandemic.

The British lender on Wednesday reported pre-tax profit for 2021 of 8.4 billion pounds ($11.42 billion), up from 3.1 billion pounds a year ago and above the average analyst forecast of 8.1 billion pounds.

Barclays announced it would buy back £1billion of its own shares and raise its dividend for the full year to 4p per share, in its first update to investors since CS Venkatakrishnan took over as chief executive after Jes Staley’s shock November release.

Staley left after a dispute with UK financial regulators over how he described his ties to convicted sex offender Jeffrey Epstein.

Venkatakrishnan, who is known within the bank as Venkat and as Staley is a former JPMorgan employee, said after his elevation to CEO that the lender’s investment banking-focused strategy was “the right “.

The bank has confirmed that its long-serving chief financial officer, Tushar Morzaria, has decided to step down from the lender, with his deputy Anna Cross due to take on the role from April.

($1 = 0.7357 pounds)

(Reporting by Lawrence White and Iain Withers, editing by John O’Donnell)

((lawrence.white@thomsonreuters.com; +44 20 7513 5083; @ReutersLawrence))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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BWD refinances long-term loans | News, Sports, Jobs https://ege-rus.com/bwd-refinances-long-term-loans-news-sports-jobs/ Mon, 21 Feb 2022 05:22:34 +0000 https://ege-rus.com/bwd-refinances-long-term-loans-news-sports-jobs/ WELLSVILLE — The latest project in Frederick Heights will end up not increasing the Buckeye Water District’s debt after the utility refinanced some long-term loans. Tax officer Tiffany Chetock reported to the BWD board on Thursday morning that the district had refinanced United States Department of Agriculture (USDA) loans through the Ohio Water […]]]>

WELLSVILLE — The latest project in Frederick Heights will end up not increasing the Buckeye Water District’s debt after the utility refinanced some long-term loans.

Tax officer Tiffany Chetock reported to the BWD board on Thursday morning that the district had refinanced United States Department of Agriculture (USDA) loans through the Ohio Water Development Authority (OWDA). ), which will generate annual savings of $154,229.

Over the life of the loans, the Buckeye Water District will save $3.9 million, which is enough to cover Frederick Heights Phase 2a and 2b debt payments, Chetock said, without negatively impacting the budget.

Prior to the refinancing, BWD was making $831,419 in loan repayments per year to the USDA, which will now be reduced to $677,189. The new interest rates are between 1.93% and 2.22% for 19.5 years or 26 years. Board Chairman Mike Ryan pointed out that loans had been around 4.5% before and the board had hoped for even better savings, but what they got was “pretty decent.”

Chetock said the most important thing was that the terms of the loans were not increased by refinancing them.

“It’s just a creative way to keep our budget under control,” Chetock said. “You’re just trading one for the other.”

The Fredrick Heights project, the only new watermain project currently underway for BWD, continues despite the inclement weather of the past two months. District Manager Al DeAngelis reported to the Board that SouthPark Circle is complete with Woodland. Now the project will start by placing the line on the other side.

Woodland has been pressure tested and he believes that next week SouthPark Circle will be ready for a pressure test. Additionally, DeAngelis reported that the next step in the plan is to send a crew behind where the work is being done and put the taps on.




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Almost Miss Jumbo loans with as little as 3.5% down! https://ege-rus.com/almost-miss-jumbo-loans-with-as-little-as-3-5-down/ Sat, 19 Feb 2022 04:38:44 +0000 https://ege-rus.com/almost-miss-jumbo-loans-with-as-little-as-3-5-down/ Many potential buyers are discouraged by the strict qualification criteria and large down payments required for many loans. While major banks and credit unions are ideal to work with standard jumbo loans, which offer more affordable financing, a large number of people are still denied. This is because most giant lenders always want a 20% […]]]>

Many potential buyers are discouraged by the strict qualification criteria and large down payments required for many loans. While major banks and credit unions are ideal to work with standard jumbo loans, which offer more affordable financing, a large number of people are still denied. This is because most giant lenders always want a 20% down payment with perfect credit. If you land slightly outside of their subscription parameters, you will likely be denied.

To allow more borrowers to qualify for jumbo loans, Griffin Funding has expanded the subscription box while maintaining very competitive rates. We designed these loans with “common sense” underwriting in mind so that we could offer our jumbo near-miss loans with as little as 3.5% down payment.

We will allow…

  • 620 credit score for loan amounts up to $2.5 million (30% down payment required)
  • 660 credit score for loan amounts up to $2.5 million (20% down payment required)
  • 700+ credit score for loan amounts up to $1.5 million (3.5% down payment required)
  • 700+ credit scores or loans up to $1.75 million (5% down payment required)
  • 720+ credit score for loan amounts up to $3 million (as little as 10% down payment required) -> Apply now
  • Up to 55% debt to income ratio
  • As little as 10% down payment on a second home

What is a Near Miss Jumbo Loan?

A near-miss jumbo loan, also called a big bank denial, is a subtype of jumbo loan designed for people who need a large sum to buy a home because they don’t have the cash. necessary to do so. A nearly missed jumbo mortgage is considered a non-qualified (non-QM) mortgage. This type of alternative loan also includes asset-based mortgages which are recommended for high net worth borrowers and bank statement loans for independent borrowers. Non-QM Loans are not required to comply with Consumer Financial Protection Bureau requirements standards for qualifying mortgages.

To meet the needs of a growing population of potential borrowers who do not meet the more stringent Freddie Mac or Fannie Mae loan requirements, nearly missed jumbo mortgages have been created with less restrictive parameters. Although you still need a respectable credit score and substantial income, jumbo near-miss loans are more forgiving if you have fluctuating cash flow or “good credit debt” like large student loans. .

Near miss mortgages are available on owner-occupied primary residences and second homes. We are one of the only lenders in the country that only requires a 10% down payment on a second home or vacation home.

When is a Near Miss Jumbo loan recommended?

Generally, nearly failed jumbo loans are recommended for those who have not been approved for traditional mortgages and standard jumbo loans, such as people who have previously been turned down for a mortgage due to a high debt ratio, from a recent credit event, low income declared in their tax return or who have been self-employed for less than two years. Those with high student debt also find it difficult to buy homes and invest in real estate due to strict credit requirements and may be well suited for this type of loan.

Almost missed mortgages are popular among young aspirants first buyers, long-term owners who are trying to refinance or those who wish to buy a second home. If any of these circumstances apply to you, you should consider a near-miss jumbo loan to secure the funds you need.

Do Jumbo Loans require a 20% down payment?

While standard jumbo loans generally require a reduction of at least 20% to reduce lender risk, near miss jumbo loans through Griffin Funding do not.

Can you get a Jumbo Loan with 3.5% down payment?

Yes, eligible applicants can get a jumbo loan with a 3.5% down payment. This lower down payment has opened up the possibility of home ownership to a wider demographic. The required down payment will depend on several factors, including the amount you wish to borrow.

What qualifies you for a Near Miss Jumbo loan?

Near-failed jumbo loans have extended the luxury of home ownership to more borrowers. Instead of being quickly dismissed based on black and white qualifications, borrowers are viewed on a broader level. Near-missed jumbo loans allow lenders to consider a more complete borrower profile, including a slightly lower FICO score, to determine your ability to repay the loan. As such, we offer more flexible terms to qualify for a near-miss jumbo loan:

  • Instead of a 20% down payment, we will only allow a 3.5% reduction up to $1.5 million, a 5% reduction up to $1.75 million, and 10% discount up to $3 million (loan amounts available up to $5 million with more down payment)
  • Instead of the normal leverage ratio limit of 43%, we will allow you to go up to 55%
  • Instead of a 720+ credit score, we will allow a 620 credit score (no credit events in the past 4 years and credit scores below 720 require larger down payments)
  • No mortgage insurance

On some giant programs, instead of showing tax returns which may not accurately reflect your income to qualify, we may use bank statements to verify income if you are an independent property buyer.

Maximum Near Miss Jumbo Loan Amount

Griffin Funding strives to provide client-centric lending options, including sufficient loan amounts for our jumbo near-miss mortgages. Borrowers can get a nearly missed jumbo loan of up to $1.5 million with a 3.5% down payment and $3 million with a 10% down payment or up to $5 million with a larger down payment .

  • Get a loan of up to $1.5 million with a 3.5% down payment!!!
  • Get a loan of up to $3 million with a 10% down payment!!!

Flexible loan terms

Instead of just offering a 30 or 15 year fixed rate, we also offer 40 year fixed, 7 year and 5 year variable rate mortgages (ARMS) with an interest only option for the first 10 years. The lower interest rate in the early years of your mortgage benefits you in the long run because you will accrue less interest on your mortgage, especially if you can pay off a significant portion of it in the early years. If you only pay interest at first, you might end up paying higher mortgage payments after the established term, but this can be beneficial if you’re focusing on paying off student loans, investing in multiple properties, or investing in multiple properties. have restricted cash for other reasons.

Imagine being able to buy the house of your dreams for a purchase price of $3.5 million with a 15% down payment! You would have a loan amount of less than $3 million that you could fund with a 30-year fixed rate mortgage that is interest only for the first 10 years! (Interest only requires a 15% discount up to $3 million or a 10% discount up to $2.5 million.)

Imagine being able to buy the house of your dreams for $3.3 million with just a 10% down payment! You would have a loan amount of less than $3 million that you could fund with a 30-year fixed rate mortgage or a 7-year arm.

Imagine having a credit score of over 700 and being able to buy the house of your dreams for $1.5 million with just a 3.5% down payment ($52,500)!

Apply for a Near Miss Jumbo Loan

If you’ve encountered obstacles while trying to qualify for a mortgage, you may feel like you’ve run out of options. Our knowledgeable team can help guide you in the right direction by determining if a near-miss jumbo loan or other non-QM loan is the best fit for you.

The home buying process can seem complicated and time-consuming, but our experts prioritize efficiency and strive to close purchase loans in 30 days or less. With diverse and flexible mortgage options like our 3.5 minute jumbo loan, getting a loan with Griffin Bayside Funding makes it much easier to apply for a loan and buy your first or second home.

Contact the experts today at 619-393-8458 or stop by our GF Bayside location located in the historic El Cordova Hotel Plaza at 1339 Orange Avenue, Suite 8, Coronado.

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The role of brokers in consumer loans https://ege-rus.com/the-role-of-brokers-in-consumer-loans/ Thu, 17 Feb 2022 17:58:34 +0000 https://ege-rus.com/the-role-of-brokers-in-consumer-loans/ Thursday, February 17, 2022 If you are in the business of transferring money or goods, you are probably dealing with brokers in some way. Brokers are used in many sectors: mortgages, real estate, stocks, wholesale products. The list is endless. If you need something, someone will find it for you. For a fee, of course. […]]]>

If you are in the business of transferring money or goods, you are probably dealing with brokers in some way. Brokers are used in many sectors: mortgages, real estate, stocks, wholesale products. The list is endless. If you need something, someone will find it for you. For a fee, of course. You will also find brokers who work to bring litigation finance companies closer to plaintiffs, defendants and their law firms.

Consumer Lawsuit Brokers and Loans

Litigation funding began in large commercial lawsuits and helping lawyers cover their expenses in protracted cases. But, many moneylenders quickly dove into American courthouses to grab a bargain worth hundreds of billions of dollars in personal injury, employment discrimination, product liability and catastrophic actions to several plaintiffs.

While some consumer lawsuit awards have reached the stratosphere, the average personal injury case settles for less than $100,000. The average court loan is $10,000 or less, or about 10% of the case value. Once scaled, it’s not hard to see that there is money to be made in consumer lending.

As more lenders and investors entered the market and more litigants became familiar with court lending, the industry began to attract a class of entities (some individuals and some companies) that would sit in the middle and help make sense of it all.

The legal loan process

Understanding what a broker does helps in knowing how consumer loans are processed and funded.

Complainants typically initiate a transaction by contacting a funder directly, often through search engines, TV ads, or other advertisements. To be eligible for litigation funding, consumers must have awaiting trial. Some companies will provide loans to claimants in large class action lawsuits, such as sexual abuse, mass tort, or asbestos cases, that have documented and verifiable claims.

The application process is simple. The funder only needs the contact details of the applicant, the description of the case and the name of the lawyer. The funder will contact the plaintiff’s attorney to learn more about the lawsuit and gather documentation. The funder’s underwriters do what underwriters do and will recommend a loan amount. If the applicant agrees, the funder drafts the documents, the parties execute the agreement, and the funder transfers the money to their new client.

Depending on the level of cooperation from the plaintiff’s attorney, the process can take as little as 24-48 hours to fund a simple, well-documented injury case. Complicated cases and higher amounts may take a little longer.

Who puts the money?

Although these transactions are commonly referred to as court loans, they bear little resemblance to a traditional bank loan. Properly recognised, they constitute an investment vehicle. The finance company puts up a sum of money in exchange for a share of the eventual settlement. Its profit is the fee charged to the applicant. The fate of the investment depends on the fate of the case. If the plaintiff loses the case or fails to settle, both the plaintiff and the investor lose.

The money the litigation funder uses to help with a plaintiff’s lawsuit often comes from its own coffers. But, the litigation funder doesn’t always have a reserve of cash in their available bank accounts to fund the hundreds of thousands of dollars in deals that an average business can put together in a month. Instead, the funder relies on investors to provide that money.

How does a broker add value?

Google and TV are remarkably effective advertising mediums for the litigation funding industry, but they are not the only sources. Brokers are a growing resource. There are no statistics on the number of financing transactions initiated by brokers.

According to the CEO of Tribeca Lawsuit Loans, brokers bring us 20-25% of our business.

Like any intermediary, the main role of the broker is to manage and grease the wheels of the transaction. At the finance company, the broker brings qualified and often pre-screened candidates to the table. For the consumer, the broker’s role is that of matchmaker: the most money for the lowest fees. To this end, the broker will likely be

  • Develop or follow leads – potential clients often referred by law firms or medical practices

  • Perform a preliminary assessment to determine if the case is suitable for litigation funding

  • Gather the necessary documents from the client’s attorney

  • Match the client with one or more funders based on case type, value, and client location

  • Negotiate the terms of the transaction

  • Hold the client’s hand while funder underwriters assess the application

  • Supervise the execution of administrative formalities

The real value of a broker is in their connections, with access to more information, more investors, and more finance companies than a client would get by randomly calling an 800 number in an ad. Google. Good ones spend time developing relationships with investors and lenders to get a sense of their lending needs: which companies serve clients from particular states, which companies prefer which types of cases, who has the lowest fees and most generous underwriters. Brokers also develop relationships with lawyers and medical personnel, surprisingly lucrative sources of leads.

Won’t the brokerage fees increase the cost?

Brokers make a living but can often close a better deal and close it faster. They know which lenders are more likely to work with which clients and offer them the best terms. The best brokers know their market, are savvy traders, and stand up for their clients.

Litigation finance brokers charge an average of 15%, which is comparable to what leasing brokers and shipping brokers charge. This 15% is not set in stone. Often the fees are negotiable and some brokers will lower their percentage to close the deal. For the broker, the transaction is concluded when the client signs the contract with the finance company.

Unlike the funder, the broker is generally not required to wait for the case to be settled before claiming their fees. The broker will almost certainly have gotten its money from the finance company when the funder and client commit to the contract.

No one will argue that litigation funding is cheap, just like no one will argue that title loans are good business or credit card cash advances are budget-conscious ways to borrow. The transactions are risky for the funder and the investor because, among other reasons, they are without recourse for the client. A claimant who does not win or settle accounts will walk away with no further obligation on the transaction while the finance company and investor will absorb 100% of the loss. When people choose an emergency loan, they probably understand that they will pay for this privilege. But, unlike other sources of cash, the loan broker can save the consumer money despite the fees.

How do you find a broker?

Finding a broker can be a hassle. Currently, direct funders and brokers are under no obligation to disclose their roles. Litigation funding is a young industry that has grown exponentially over the past 20 years. Few legislatures have even attempted to regulate the companies that provide finance, let alone the entities that broker the deals.

Ultimately, unless plaintiffs request or brokers provide the information, clients will not know that they are transferring an interest in their dispute to a third-party funder or investor until they see another name on the documents. Unless they are particularly knowledgeable, many will not realize the difference or even care.

In an industry barely 20 years old, the lawsuit loan broker has quickly become a major player in a market estimated to invest more than $100 million annually in consumer lawsuits. Everything indicates that the industry will continue to grow. Likewise, brokers will continue to bring together those who have money to invest and those who need it.

© 2022 Copyright Tribeca Lawsuit LoansNational Law Review, Volume XII, Number 48

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